Penalty for late filling of income tax return

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Gopal P. Galani (Querist)
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30 March 2015 If my tax liability is zero and file income tax return after the end of relevant assessment year(a. Y. 2014-15) then penalty u/sec 271F rs. 5000 for late filling of Income tax return is applicable. My previous year 2013-14 & assessment year 2014-15.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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30 March 2015 for ay 14-15 the last date is 31.3.2016 as per sec 139(4) as belated return but for appicability of sec 271F for 5000 penalty only if u file after the relevant ay it is applicable so once u file by 31.3.2015 then sec 271F cannot be imposed.

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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31 March 2015 If your Income is below exemption limit and therefore your Tax Liability is Zero then Penalty u/s 271F will not be imposed by AO even if you file the Income Tax Return after the end of relevant Assessment Year. So return filed after 31.03.2015 will not attract penalty if you were not required to file return u/s 139(1).

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