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?
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 .
Rahul Dang & Associates-Chartered Accountants
Pune
CA Inter
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R P S K & Associates
Nashik
CA Inter
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