18 November 2014
If a new assessee u/s 139(1) fails to furnish Return of Income on or before due date, then such Assessee have to pay Rs. 5000 as Penalty? Is it correct?
18 November 2014
Let the assessee wait till he receives the notice, if any, from the income tax department. Although this provision is a time old provision, the income tax department is NOT using it sparingly.
18 November 2014
Then why are you saying FAILS to furnish? He is NOT duty bound to submit the return under section 139(1, since income is below taxable limit.???????
18 November 2014
Yes. He is not bound to furnish his return, but if he wants to voluntarily furnish his belated return, then what are the consequences?
18 November 2014
There is a very good provision in the Act for the benefits of Assessing Officers....it says, the return of income declaring income which is below taxable limit, except loss return, shall be deemed to have never been filed. So? No penalty can be levied for such a return.
18 November 2014
Ok. It means that such an assessee can file his return (whether normal or belated) up to end of next assessment year without any penalty. Thank You Sir.
18 November 2014
Ok. It means that such an assessee can file his return (whether normal or belated) up to end of next assessment year without any penalty. Thank You Sir.
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