A notice under section 148 dtd 23 -mar-19 has been issued for AY 2012-13 to sr. citizen assesee who has not filed return in said FY and has only interest income which is exceeding the exemption limit. I have 3 queries :
1) After assessment of income tax on interest income how to determine the penalties payable. Are all 3 penal interests u/s 243 A , B &C to be levied?
2) Should penal interest be calculated by assessee while submitting return in response to notice u/s 148 or is it to be determined by AO
3) Can there be a ground to request AO to waive penal interest.
Look forward to your early response please. Thanks
CAclubindia
