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Penalty on late nil income tax return

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Querist : Anonymous

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Querist : Anonymous (Querist)
03 June 2013 Dear All,

There is penalty on nil income tax return filing for Financial year 2010-11?

If Yes? how Much?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
03 June 2013 Sec.271F described ,if a person who required furnish his return of income as required u/s.139. In case u/s.139 you need to file the return but failed to file then penalty will be Rs.5000/- even nil return also.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
04 June 2013 Income tax return for the financial year 2010-11 can't be filed voluntarily right now, being barred by time. Hence question of penalty doesn't arise.



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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
04 June 2013 Agreed with Mr.Chackrapani Warrier sir
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
04 July 2013 If you have not filed the Nil return in time then you have to pay the penalty

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