Dear All,
I was salaried till Sept. 2016. My business income started from third quarter. I paid advance tax on time on the income earned from third quarter.
Now while I finalise my return, it is demanding interest on deferment of advance tax. Eventhough, this filed in ITR is editable, it will not allow us to submit the return without paying interest.
On my observation, I understand that the interest for deferment of advance tax is calculated for the first two quarters also eventhough assessee does not have any income.
As I stated above, I had no busines income during the first two quarters in 2016-17.
Any solution on this anomaly may be shared in the forum.
Jerry
CAclubindia
