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Querist : Anonymous

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 ?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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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

Rupesh Jain (Expert)
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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.

Querist : Anonymous

Querist : Anonymous (Querist)

24 April 2014 and if tax payable is nil then any risk?

Nikhil Kaushik

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

Querist : Anonymous

Querist : Anonymous (Querist)

24 April 2014 net income under minimum amount not chargeable to tax

Querist : Anonymous

Querist : Anonymous (Querist)

24 April 2014 net income below minimum amount not chargeable to tax

Nikhil Kaushik

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

Querist : Anonymous

Querist : Anonymous (Querist)

24 April 2014 if net tax refundable then?

Nikhil Kaushik

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

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Querist : Anonymous

Querist : Anonymous (Querist)

24 April 2014 thank you so much sir

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