Belated return
This query is : Resolved
05 November 2012
Dear Members,
For belated return Of AY 2009-10, penalty u/s 271F is levied or not if tax is NIL?
For belated return Of AY 2009-10, penalty u/s 271F is levied or not if tax is NIL?
05 November 2012
Hi
a person who is required to furnish a return of his income, as required by the proviso to sub-section (1) of section 139, fails to furnish such return on or before the due date, he shall be liable to pay, by way of penalty, a sum of five hundred rupees
So he may be asked to pay penalty.
Rgds//Vaibhav
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a person who is required to furnish a return of his income, as required by the proviso to sub-section (1) of section 139, fails to furnish such return on or before the due date, he shall be liable to pay, by way of penalty, a sum of five hundred rupees
So he may be asked to pay penalty.
Rgds//Vaibhav
Click thank button to convey your appreciation.
05 November 2012
But Dear Friend, tax liability is NIL. So, how can he ask for penalty?
05 November 2012
Hi,
What is status of Assessee? If a company or firm then itz mandatory for them to file return of income.
Thanks//Vaibhav
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What is status of Assessee? If a company or firm then itz mandatory for them to file return of income.
Thanks//Vaibhav
Click thank button to convey your appreciation.
05 November 2012
section 271F is applicable when return is not filled as required by section 139 (1) before the end of relevant AY so for AY 08-09 if return is not filled till 31/3/09 than this section is applicable and penalty will be Rs. 5000
for updation read link:
https://taxguru.in/income-tax/penalty-consequence-late-income-tax-return-filing.html
for updation read link:
https://taxguru.in/income-tax/penalty-consequence-late-income-tax-return-filing.html
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