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Interest U/S 234 B & 234C is not applicable for 44 AD income for Assessment Year 2015-16, Income Tax
|Interest U/S 234 B & 234C is not applicable for 44 AD income for Assessment Year 2015-16|
My client has filed his ROI for Assessment Year 2015-16 in the year 2022.
The A.O while passing the order has added interest U/S 234B, & 234C in his computation of income.
Interest u/s 234B & C has been included for 44AD income after the amendment of Advance Tax provisions by the Finance Act 2016 (No. 28 of 2016) which is effective from 01-06-2016 for Assessment Year 2017-18.
Is there any case law available in support of the above facts.
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To my understanding, Interest u/s 234B & C was not excluded before the amendment vide Finance Act, 2016. I am clarifying the position as follows:
to the extent of the whole amount of such advance tax during each financial year on or before the 15th March
Sorry about my previous post. I omitted to read Sub-section (4) of Section 44AD before amendment which states that provisions of Chapter relating to advance tax shall not apply.