Belated return

Save Share

Join Us Follow Us Add as Source

This query is : Resolved

Report Query Ask a Query

Hatim Hussain Kankroli Wala

Hatim Hussain Kankroli Wala (Querist)

05 November 2012 Dear Members,

For belated return Of AY 2009-10, penalty u/s 271F is levied or not if tax is NIL?

@VaibhavJ

@VaibhavJ (Expert)

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
Click thank button to convey your appreciation.

Hatim Hussain Kankroli Wala

Hatim Hussain Kankroli Wala (Querist)

05 November 2012 But Dear Friend, tax liability is NIL. So, how can he ask for penalty?

@VaibhavJ

@VaibhavJ (Expert)

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
Click thank button to convey your appreciation.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)

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

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now