Itr 2011-12

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Praveen Jain (Querist)
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15 July 2013 Dear Sir,

i hv nill income in fy 2011-12 if i will file my nill return of fy 2011-12 is it may be possible panalty of rs 5000/- for belated return

rgds

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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15 July 2013 Yes penalty may be imposed. It is at the discretion of AO.

Please check sec 271F.

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.

Ganeshbabu K

Ganeshbabu K (Expert)
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15 July 2013 Yes.

Penalty under section 271F is applicable if your income before Chapter VIA deductions exceeded the basic exemption limit[requirement in 139(1)]

If income before chapter VIA deductions not exceeded the basic exemption list it is not mandatory to file return under section 139(1) and consequently penalty 271F is not applicable to you

Thanks & regards
Ganesh babu k

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