Penalty for Non filing of Return

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(Querist)


09 October 2010

What is the penalty for non filing of return within due date as prescribed under Section 139(1) of the Income Tax Act. Is there any case laws for it.


B.Chackrapani Warrier (Expert)


09 October 2010

1. 271F is the section. Penalty is 5,000/-
2. If the assessee is covered under section 44AB(tax audit), penalty can be levied under section 271B which is 1/2% of total sales or Rs,1,00,000/-(w.e.f 01/4/2011 Rs.1,50,000/-) which ever is less.


I'm Wat I'm (Expert)


09 October 2010

agreed with chakrapani sir..



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