234C Interest calculation in case of senior citizen

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 -

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


    • Related Articles

    • ZenIT || How to Calculate and Generate the Advance Tax Challan

      Any person having an estimated tax liability of Rs. 10,000 or more in a year is required to pay tax in advance. Advance tax applies to all the taxpayers, salaried, freelancers, and businesses. Senior citizens, who are 60 years or older, and do not ...
    • TDS - Tax Calculation for Senior Citizens (Assessment Year 2021-22)

      TDS - Tax Calculation for Senior Citizens Tax slab 2021-22 (Old tax regime slabs) (who is 60 years or more at any time during the previous year) Net Income Range Rate of Income-tax Assessment Year 2021-22 Assessment Year 2020-21 Up to Rs. 3,00,000 - ...
    • ZenIT || Interest under Sections 234A, 234B, and 234C

      Interest under Sections 234A, 234B, and 234C Explained! Failed to pay taxes on time? You can pay taxes now, but interest on the delay in payment of taxes is required to be paid. There are three sections governing interest on the delay of payment of ...
    • Income Tax Auditor manual updation

      If the client is using Spectrum software but wishes to update only the Income Tax Auditor, then: To resolve the error, please follow the steps provided below: Step 1: Navigate to the root location of the software, which can be either "C:\Program ...
    • Income Tax calculation AY 2010-11 (FY 2009-10)

      Income Tax calculation  AY 2010-11 (FY 2009-10) 1.  In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person - Up to 1,60,000                 – Nil 1,60,000 to ...