234C Interest calculation in case of senior citizen
234C Interest not coming in case of senior citizen where no business income.
The advance tax shall be payable during a financial year in every case where the amount of such tax payable by the assessee during that year, as computed in accordance with the provisions of this Chapter, is ten thousand rupees or more.
A resident senior citizen is not liable to pay advance tax if he does not have income from business or profession,
Sections 234B and 234C provide for the interest due to the government in case the tax is not remitted in accordance with section 208 during the assessment year
The calculation of '234C Interest calculation in case of senior citizen' has been further explained by way of the following example in software -
The calculation of '234C Interest calculation in case of senior citizen' has been further explained by way of the following example in software -
Example 1-
In Advance tax calculation - Here the Assessed tax is above 10000, yet the software is not calculating advance tax installments because this client is a senior citizen and there is no business income income here.
Example 2 -
In this computation - Here the Assessed tax is above 10000, yet the software is not calculating 234b and 234c interest because this client is a senior citizen and there is no business income income here
n case of any doubt, please refer to relevant provisions of the Income-tax Act