Penalty u/s 271f
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 July 2012
Dear expert,
In case of a professional, in AY 2011-12, his gross receipts were Rs. 205000/- and his professional expenditures were Rs. 50000/-, after subtracting them net profit comes to 155000/-.
If he files his return for AY 2011-12 now, whether the penalty u/s 271f will attract or not.
Please advise me.
In case of a professional, in AY 2011-12, his gross receipts were Rs. 205000/- and his professional expenditures were Rs. 50000/-, after subtracting them net profit comes to 155000/-.
If he files his return for AY 2011-12 now, whether the penalty u/s 271f will attract or not.
Please advise me.
25 July 2012
As his Total Income 155000/ is below the
taxable limit, he is not liable for penalty.
.
taxable limit, he is not liable for penalty.
.
25 July 2012
Agreed to Paras sir
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