271 f
This query is : Resolved
02 April 2015
I filled my NIL return as on 05/03/2015 for the a.y. 2013-14
shall I liable to 271F?
plz give me ans(practical & theoretical) with reason.....
and also still pending file to NIL return for the a.y. 2014-15....
if I file as on 2/4/15 then 271f is applicable?
Thank you..
02 April 2015
It is at the discretion of ao as the word used in sec 271F is "may" impose a penalty of 5000 if itr is filed after completeion of ay i.e 31.3.2014
it applies to ay 14-15 also as for sec 271F the date shall be 31.3.2015 but still belated return can be filed till 31.3.2016
it applies to ay 14-15 also as for sec 271F the date shall be 31.3.2015 but still belated return can be filed till 31.3.2016
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02 April 2015
If your Income is below exemption limit then you are not required to file return u/s 139(1) and therefore penalty u/s 271F can not be levied on you.
See text of Section 271F:
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.
See text of Section 271F:
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.
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