Panelity u/s 271c

Save Share

This query is : Resolved

Harsh Wadhwa (Querist)

03 April 2015 Please tell that when would a person entitled to pay Rs 5000 panelity??
Suppose he is liable to furnish income tax return of fy 13-14 and he fails to furnish return on 31.03.2015 ,,,, is he become liable for panelity of u/s 271f Rs 5000,,,

What will happen in case of refund and nil return???

Thanks

Harsh Wadhwa

CA John Abraham Austin ACA

CA John Abraham Austin ACA (Expert)

04 April 2015 First of all, we need to refer sec 139(1) which says who is liable to file a return f income. If the person concerned in this question is liable to file ROI, then he shall be liable to proceedings u/s 271. Also if anyone wishes to file ROI, he can file a belated return not greater than end of one assessment year succeeding the original assessment year. In this case, your assessee should have filed withing the due date I had mentioned. If not, it is a violation of sec 139(4)- belated return. However, you may file a petition for condonation of delay and get the penalty waived.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now