"if a person failure to furnish return of income as required by section 139 before the end of relevant assessment year ,the assessing officer may impose a penalty of Rs 5000/-"
I dont think any penalty will be applicable since there is no tax liabilty.
22 August 2012
if that is the case, it is a NEWS. go ahead. But the limits set out are as enumerated above...31/03/2012 was the last date. (In lighter mood...... the date might have been extended to 31/08/2012????)
CAclubindia
