imposition of penalty u/s 271B of I Tax Act,1961
This query is : Resolved
Anoop kumar Modi
(Querist)
05 March 2008
Sir i have a income exceeding the lower limit i.e.Rs. 1,10,000/- now we want to file a return after the due date i.e.31.07.07 and also paying a tax Rs. 1000/- Now Can an A.O. impose a penalty u/s 271B?
05 March 2008
NO AO CANNOT IMPOSE PENALTY
05 March 2008
WHEN NO REFUND IS DUE TO ASSESSEE OR TAX IS DUE TO DEPT.YOU CAN FILE RETURN TILL 31 ST MARCH 2008 WITHOUT PENALTY.IF NO RETURN IS FILED BEFORE MARCH 2008, A PENALTY OF RS. 5000 CAN BE IMPOSED.
LET US GET OUR FACTS RIGHT. SEC. 271B IS APPLICABLE WHEN PENALTY IS IS LEVIABLE FOR NON FILING OF TAX AUDIT REPORT WHICH IN YOUR CASE IS NOT APPLICABLE .
IF TAX IS DUE AND NOT PAID ,ONE WILL BE AN ASSESSEE IN DEFAULT.ASSESSING OFFICER WILL LEVY INTEREST FOR DELAY IN PAYMENT OF TAX .
R.V.RAO
LET US GET OUR FACTS RIGHT. SEC. 271B IS APPLICABLE WHEN PENALTY IS IS LEVIABLE FOR NON FILING OF TAX AUDIT REPORT WHICH IN YOUR CASE IS NOT APPLICABLE .
IF TAX IS DUE AND NOT PAID ,ONE WILL BE AN ASSESSEE IN DEFAULT.ASSESSING OFFICER WILL LEVY INTEREST FOR DELAY IN PAYMENT OF TAX .
R.V.RAO
CA. GOPAL SONIKA
(Expert)
06 March 2008
No penalty cannot be imposed. However, if u have loss under any head to be C/f for the year concerned that will not be allowed.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST on reimbursement of expenses
- Query on effect of registration of property
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Visiting card purchase
- Number of years as per AS amortisation of Goodwill
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Whether output tax is taken credit by purchaser
- Additional trade name
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Foriegn assets disclosure
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
