271 f

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Chirag Patel (Querist)

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..

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

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

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

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.

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