What happens if I short a stock and the company gets suspended or lower limit is reached for the day? Will I still receive any profit and be able to buy them as shorting is intraday?

If you could not cover your short position because there is no sellers, for whatever reason like the stock is suspended or has reached lower limit, then it will result in short delivery and can result in penalty. This is the risk when doing short trade. So always short trade stocks which have high liquidity.

If u r in intraday short of a Futures contact then u can simply convert that position from MIS to NRML, if its Equity MIS don’t do intraday.

What happens if i short a Nifty Future and the index gets suspended in some major market crash ? Do i still get a penalty ?

Iin the case of future there is no stock to be delivered. So short position can be maintained till expiry date.