Penalty u/s 271 f
This query is : Resolved
04 June 2012
I have to file a return on which Rs. 5000/- is leviable as Penalty u/s 271F. Although the challan has been deposited, but i find no space in ITR-1 and acknowledgement to specify the penalty. What should be done?
04 June 2012
It is not mandatory to pay the penalty, it is to be paid if AO has asked you to pay..
Why did you pay on your own???
Why did you pay on your own???
04 June 2012
Tanvi,
In first instance, you should not have paid the penalty. penalty is imposed on rare of the cases.
In first instance, you should not have paid the penalty. penalty is imposed on rare of the cases.
04 June 2012
I have got the money back....but why is it so???? I just read the section and it does not say that its applicable only when AO imposes to....
04 June 2012
Section uses the words "....Assessing Officer may direct that such person shall pay, by way of penalty, a sum of five thousand rupees"
The AO does not impose penalty in many cases and further if you have sufficient reason for not filing the return on time then he will not impose any penalty.
So, pay only if AO asks you to pay and not on your own discretion.
The AO does not impose penalty in many cases and further if you have sufficient reason for not filing the return on time then he will not impose any penalty.
So, pay only if AO asks you to pay and not on your own discretion.
04 June 2012
Further, As per section 273B -No penalty shall be imposable on the person or the assessee, as the case may be, for any failure if he proves that there was reasonable cause for the said failure.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR 2 Short Term gain & Long term gain
- Itr 1 processing
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- Building and other construction workers welfare cess act 1996
- ITR returnFY25-26
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- Bank Accounts in Balance Sheet for ITR 3
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Annual return of gst limit
- Delisted shares sold in off market/ Rebate u/s87A
- Error whiling application of GST REFUND (ANNEXURE B)
- While filing GSTR9 accountant couldn't entered the ITC values in Table 6, in 9C it is not accepting
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
