Panelty u/s 271 F

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 February 2010 If a company have zero income or Loss and it not filed income tax return as per sec. 139(1).

Whether penalty of sec. 271 F is imposable on It?

Note : Income is Zero or Loss

Thanks

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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04 February 2010 As per section 139(1)(a), a company has to necessarily file return of income every year. If they fail to do so penalty provisions of section 271F attracts.

CA Prashant Gupta

CA Prashant Gupta (Expert)
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04 February 2010 Agree with Mr. Chackrapani. 271F will be applicable if company didn't file return till end of relevant A.Y.

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