Non filling of return

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sunil heda (Querist)
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17 September 2012 we have done the audit but the society didnot file the return ?
whether return filling is compulsory or not if compulsory what is the panelty under which section

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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17 September 2012 yes. Society also need to file the Income tax return if not filed then section 271F will apply as follows

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

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