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Regarding panelty u/s 271f

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Querist : Anonymous

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Querist : Anonymous (Querist)
14 April 2015 Namaskar to all,

I have one question, if taxable income for the asstt yr. 2014-15 is Rs. 2.90 Lac after giving effect of Rs. 1.00 Lac under chapter VI-A it comes to Rs. 1.90 Lac. panelty u/s 271F should imposed or not, if ITR filled after 31.03.2015.

Thanks.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
14 April 2015 Yes, 271F penalty can be levied since return filing is mandatory,in the cited case, as per the last proviso to section 139(1).
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Querist : Anonymous

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Querist : Anonymous (Querist)
14 April 2015 Thanks for your valuable advice.
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