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Penalty for filing late return

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Querist : Anonymous

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Querist : Anonymous (Querist)
31 January 2012 What would be the penalty for filing late return, as the return for the year 2010 is not yet filed
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Ravikant

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Ravikant (Expert)
31 January 2012 late filing penalty is 5000/- u/s 271f , which is discretionary , i.e penalty may or may not be levied, if no tax was due.
File the return before 31.03.2012
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Querist : Anonymous

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Querist : Anonymous (Querist)
31 January 2012 The tax for 2010 was paid in this year
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Ravikant

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Ravikant (Expert)
31 January 2012 In most cases, penalty is not levied.
Go ahead and file the Return
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