Section 234b/c to senior citizen

Tax queries 180 views 2 replies

Article Assistant

140 Points Joined February 2015

For 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?

Replies (2)

Chartered Accountant

12739 Points Joined December 2016

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 .

Practicing Chartered Accountant

2481 Points Joined June 2013

He is not liable to pay interest if there is no tax liability.
Make sure there is proper disclosure of same in ITR filed.

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