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Panelty u/s 271f

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(Querist)
15 May 2014 Please clarify following situation.

Financial year 2012-13

Gross Salary is 220000/-

80C deduction 25000/-

Net Income 220000-25000 = 195000/-

If i file ITR 1 now.. can A.O impose penalty of Rs5000/- for belated return.
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Sandeep Dharar

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Sandeep Dharar (Expert)
15 May 2014 No Baljeet since u have no taxable income then no penalty & no interest will b imposed on u. Dont worry file the return.


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