rishabhsharma (Article Assistant) (140 Points)
27 March 2019For AY 2018-19, Senior Citizen has received profits from firms.
He has entered cash in hand in No Account Case.
Department has send notice u/s 143(1) and charging interest u/s 234B/C.
Since profit is exempt in the hands of senior citizen and he has no other business income.
is he liable to pay interest u/s 234B/C?
CA Naveen Chand
(Chartered Accountant)
(12729 Points)
Replied 27 March 2019
whether you put such income in exempt income in ITR sec 10(2) so as to they can read that profits arising from share of partner .
Sahil Jain (FAFD, DISA, CA)
(Practicing Chartered Accountant )
(2476 Points)
Replied 27 March 2019
CAclubindia
