HEMANTH RANKA (Tax & Financial Consultants) (360 Points)
18 February 2016Sir It is to my knowledge that persons who is delcaring income under sec 44AD from business or profession need not pay advance tax is it right?
then just because he has some interest income can the liability to pay advance tax arise?
can we ask the assessing officer to drop the interest order passed by him?
Swami Ayyappa Nuli
(TAX ADVISOR & CONSULTANT AT G.S.T SUVIDHA CENTER)
(1372 Points)
Replied 18 February 2016
No, as per Income tax act, Advance tax obligation in relation to Business income which is offered under section 44AD is given relief. If tax on all other sources excluding Business income offered u/s.44AD exceeds Rs.10,000 then you are liable to pay advance tax u/s.208 otherwise you are liable to pay Interest under sec.234B and 234C. Therefore Assessing officer contention is valid in this regard.
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