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Querist : Anonymous

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Querist : Anonymous (Querist)
24 April 2014 is there any risk of penlty u/s.271f in filing return after the end of one year from relevant financial year if tax payable is upto 500 rs. only ?
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
24 April 2014 yes there is the risk of penalty even in such cases. but normally you should be able to avoid it..
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Rupesh Jain

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Rupesh Jain (Expert)
24 April 2014 R/SIR

PENALTY OF RS.5000 U/S SECTION 271F NOT THE RS. 500/-
IF YOU FILE LATE RETURN THEN YOU FACE FINE.
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Querist : Anonymous

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Querist : Anonymous (Querist)
24 April 2014 and if tax payable is nil then any risk?
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
24 April 2014 you mean you have nil tax liability or nil net tax payable ?
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Querist : Anonymous

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Querist : Anonymous (Querist)
24 April 2014 net income under minimum amount not chargeable to tax
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Querist : Anonymous

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Querist : Anonymous (Querist)
24 April 2014 net income below minimum amount not chargeable to tax
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
24 April 2014 then the penalty wont be applicable.
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Querist : Anonymous

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Querist : Anonymous (Querist)
24 April 2014 if net tax refundable then?
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
24 April 2014 any excess tax is refundable. no link with penalties anyways.
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Querist : Anonymous

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Querist : Anonymous (Querist)
24 April 2014 thank you so much sir
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