271F
This query is : Resolved
CA. PURVI OZA
(Querist)
30 March 2009
If the income of person after deducting deduction under chapter VIA is below maximum taxable limit or Tax after deducting advance tax or TDS is nil or refundable. Then my question is
Is that a person liable for penalty u/s 271F for late filling return of income?
Is that a person liable for penalty u/s 271F for late filling return of income?
30 March 2009
273B. Penalty not to be imposed in certain cases
No penalty is leviable under sections 271(1)(b), 271A, 271AA, 271B, 271BA,271BB, 271C,
271CA, 271D, 271E, 271F, 271FA, 271FB, 271G, 272A(1)(c) or 272(A)(1)(d), 272A(2),
272AA(1), 272B, 272BB(1) & (1A), 272BBB(1), 273(1)(b), 273(2)(b) or 273(2)(c) if the
assessee proves that there was reasonable cause for the said failure.
No penalty is leviable under sections 271(1)(b), 271A, 271AA, 271B, 271BA,271BB, 271C,
271CA, 271D, 271E, 271F, 271FA, 271FB, 271G, 272A(1)(c) or 272(A)(1)(d), 272A(2),
272AA(1), 272B, 272BB(1) & (1A), 272BBB(1), 273(1)(b), 273(2)(b) or 273(2)(c) if the
assessee proves that there was reasonable cause for the said failure.
30 March 2009
Individual are required to file return only if the income is taxable So if your net income falls below taxfree limit you need not to file return so there is no Question of penalty.
HUZAIFA HUSSAIN
(Expert)
30 March 2009
I AGREE WITH MR. SOMANI
01 April 2009
i agree with the experts
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