penalty u/s 271F

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ASHWINI KUMAR

ASHWINI KUMAR (Querist)
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05 March 2010 Can penalty u/s 271F be imposed in case of belated NIL return?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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05 March 2010 My view. Penalty cannot be imposed for Nil return.why because sec.271F explains penalty for non filing of return as per sec.139(1). As per Sec.139(1) clearly telling "No need to file the return if the income is less than the amount of exemption limit"

ASHWINI KUMAR

ASHWINI KUMAR (Querist)
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08 March 2010 But if a person wants to file his return even if his taxable income is NIL, then he has to file his return of income u/s 139(1) only if he files the return within due date. Then why the provisions of Section 271F will not apply upon him?

ASHWINI KUMAR

ASHWINI KUMAR (Querist)
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08 March 2010 I mean to say that in case of NIL return, if a person wants to file his return of income then he is required to file his return u/s 139(1). On the other hand as per Section 271F, in case of failure to furnish return as required by Section 139(1), A.O. may impose a penalty of Rs.5000. Then how we can say that he is outside the perview of Section 271F?

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