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?
CA CS Amit S. Kedia
(Expert)
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???
CA CS Amit S. Kedia
(Expert)
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....
CA CS Amit S. Kedia
(Expert)
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.
CA CS Amit S. Kedia
(Expert)
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
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Employee secondment
- IMS (import of goods) ITC related
- TDS- 2026-27 Q1 Correction
- Applicability of tax on invoice
- GSTR9 Annual Return
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- Capital gains in IT returns
- How do you manage client document collection and follow-ups in your CA/CS practice?
- GST ITC as per notification 12/2023- central tax
- Ito add credit side of bank
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
