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.
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