Penalty u/s 271f

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This query is : Resolved

CA Ashish Gupta (Querist)

30 July 2012 please tell whether penalty u/s 271F of Rs.5000 for filing of return after the end of the relevant assessment year shall also be levied in case
(i)there was no tax payable
or
(ii)there was only refund due to TDS ???

CA Lokesh Pokharna

CA Lokesh Pokharna (Expert)

30 July 2012 a person who is required to furnish a return of his income, as required by the proviso to sub-section (1) of section 139, fails to furnish such return on or before the due date, he shall be liable to pay, by way of penalty, a sum of five hundred rupees.

hence its depend if he is required to file return u/s 139 (1) then penalty levied otherwise not...

CA Ashish Gupta

CA Ashish Gupta (Querist)

30 July 2012 Thanks. Ok suppose his GTI exceeds maximum exemption limit of Rs.180000 but after deduction under VI-A his total income reduces to below Rs. 180000 thus there is no tax payable. so whether he can claim refund of TDS after adjusting penalty of Rs.5000??

CA Lokesh Pokharna

CA Lokesh Pokharna (Expert)

30 July 2012 yes after adjusting panlty tds refund can be taken

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