Penalty under section 271f of income tax act

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 January 2015 Sir I wud like to know that whether the return for financial yr 12-13 can be filed before 31/3/15 without imposing penalty under this section?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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14 January 2015 as per sec 139(4) belated return for fy 12-13 can be filed till 31.3.2015 but it is at the discretion of ao to impose penalty for late filling for rs .5000

Rupesh Jain

Rupesh Jain (Expert)
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14 January 2015 it impose the penality rs. 5000/-

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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14 January 2015 it is at discretion of ito to impose or not.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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15 January 2015 If the belated return is filed on or before 31.03.2014 there will be no penalty. If return is filed between 01.04.2014 to 31.03.2015 then the penalty of Rs 5000/- may be imposed by AO. Rs 5000/- is the maximum penalty. Penalty may be imposed if the assessee was required to file return u/s 139(1), if the assessee was not required to filed the return u/s 139(1) but submits the return voluntarily then no penalty will be imposed by AO. Penalty can be imposed by AO after giving assessee a reasonable opportunity of being heard.

Section 271F: If a person who is required to furnish a return of his income, as required under sub-section (1) of section 139 or by the provisos to that sub-section, fails to furnish such return before the end of the relevant assessment year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of five thousand rupees.