29 July 2009
for the assessment year 2008-09,the tax payable was rs nearly 10000//, now the assessee wants to file his return of income.whether penalty u/s 271f attracts, if so what is the penality?
01 August 2011
Penalty u/s 271F is Rs. 5,000/-(subject to)discretionary power of as Assessing Officer.
pls read the section:
Section 271F - If a person who is required to furnish a return of his income, as required under sub-section (1) of section 139 or by the provisos to that sub-section, fails to furnish such return before the end of the relevant assessment year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of five thousand rupees.]
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