My brother has a registered partnership firm (formation date - Nov 2016). He has not filed any return of income to date for the firm. Since no business activity has been conducted. But during the last FY (2018-19) he has approx. 1 lac cash income and 1.30 lacs expenses (including Partner's remuneration). All the transactions in cash.
No books of accounts are kept only memo book is kept for recording transactions. Can I file the return for the same u/s 139(4) and should I file it? (and also he has not filed his personal return of income.)
What are penalties and interest he's liable to pay?
(Nature of business - Educational startup)
CAclubindia
