31 January 2014
I filed return in 44AD so there is no need to pay advance tax, so liability arise for interest u/s 234B & C. If IT department charge for this so what is the procedure to reply them?
31 January 2014
As the words ‘shall not apply’ is specified in the section 44AD(4) of the act, the provisions of advance tax will not apply to eligible business and hence the income related to eligible business also should not be included in estimation of ‘current income’ u/s 209(1)(a) of Chapter XVII C. Hence, Section 44AD income should be excluded while estimating the income for calculating interest u/s 234B/234C.
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