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CA. ANKUR JAIN (Querist)

22 April 2011 Hi experts....
pls clear my doubt

If an assessee is filling his return after the completion of assessment year then, A.O may impose a penalty of Rs. 5000/- for late filling of return.... ok

is this penalty is still leviable if the return filed after assesment year is under exemption limit.
i mean to say GROSS TOTAL INCOME Itself is Less then 160000/-...........

Thanks
Regards
Ankur jain

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

22 April 2011 Yes even then the penalty can be levied. But the same is levied in very rare cases. 5000/- is maximum amount.

CA. Deepak Narula

CA. Deepak Narula (Expert)

22 April 2011 No.

If the GTI (not total income) less than basic exemption limit then return can be filed up to one year from the end of assessment year and there would be no penalty for late filing of return.

Message likes : 1 times

CA. ANKUR JAIN

CA. ANKUR JAIN (Querist)

22 April 2011 yes my view is also same as of deepak sir...
Actually in that (5000/-) penalty section the wording is like this

an assessee who is REQUIRED to file return but in such case he is EVEN NOT REQUIRED TO FILE RETURN, JUZ FILLING VOLUNTARILY

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