Appeal & Revision.

This query is : Resolved

inder (Querist)
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05 December 2009

If return has not been filed for since last three years because income was not exceeding the taxable Income Limit ie 150000 .

if asseesee wants to file the return voluntarily to avoid future proceedings .
whether assessee can file return before at this time or there will be any fine or proceedings if not filed .

wht shall be the consequences .

CA. Tarun Navlani

CA. Tarun Navlani (Expert)
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05 December 2009 Sec. 139(1) requires filing of return if income without giving exemption u/s 10 exceeds exemption limit.
However, assessee can file voluntary return & it can be belated.
You may note that there will not be any penalty u/s. 271F. The said section imposes penalty of Rs. 5000 if the return was required to be filed u/s. 139(1) & it is not filed. It does not apply to voluntary return.

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