E-filling bellated return

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Querist : Anonymous

Querist : Anonymous (Querist)

10 September 2011 IF I filled belated return and Returned income is less than the basic exemption limit, than it attract Penalty of Sec. 271F.

Aditya Maheshwari

Aditya Maheshwari (Expert)

10 September 2011 Section 271F risk is there is any belated retun case also. So no difference.

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)

10 September 2011 As per provisions of Sectin 139(1) of the Income Tax Act, 1961, every person whose total income exceeds the maximum amount, which is not chargeable to income tax, shall by the due date, file his return of income in prescribed form. Failure to do so by the due date or before the end of relevant assessment year will attract penalty under Section 271'F of IT Act 1961, amounting to Rs. 5000/-

U/S section 271F the powers given to the assessing officers are discretionary, not mandatory, So in the case if the income is above taxable limit, the return filed after the due date, The AO may levy the penalty of sum mentioned above.

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