Roopeshkumar L (Artical) (142 Points)
21 February 2012
Ramya
(Internal Audit)
(59 Points)
Replied 21 February 2012
from AY2011-12, if an assessee opts for presumtive income, advance tax need not be paid. 234c is for either non-payment of advance tax or when advance tax instalments are short paid. So interest under 234c cannot be levied. But the notice relates to which year
CA Rohit
(In Practice)
(71 Points)
Replied 21 February 2012
Chapter XVII-C is not applicable to assessee if assessee had adopted presumptive basis of income u/s 44AD. The requirement to pay advance tax fall under chapter XVII-C, since the whole chapter is not applicable to assessee so there will be no requirement to pay advance tax as well as interest on advance tax.
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