CA VISHAL L KHATRI (PRACTICING CA) (123 Points)
07 September 2011loss from business & profession amt of RS. (177564)
book profit u/s115jb 21120
+ cess 3% 634
Total comes to 21754
DOUBT :-
Whether section 234b & 234 c aplicable?????????????????????
Amit Gupta
(Loosening Myself)
(1508 Points)
Replied 07 September 2011
Yes.assessee is liable for payment of advance tax and thus for interest on late deposit
Pradip Shaw & Co
(Practice)
(227 Points)
Replied 07 September 2011
234b & c are applicable when adance tax payment is required. so in your case both are applicable,
but if your business fall under 44AD and profit declere >+8%, then though tax exceeds Rs. 10000/-, no need to pay any advance tax.
CAclubindia
