03 April 2012
Let us take the case of AY 11-12. The return for AY 11-12 was to be filed by 31st July.
However, a belated return u/s 139(4) can be filed upto 31.03.2013.
Section 271F provides that if the return is not filed by 31.03.2012, then a penalty of Rs. 5,000/- will be levied on the assessee.
Section 271F provides that if the return for a particular year is not filed by the end of the assessment year then a penalty of Rs. 5,000/- will be levied.
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