Return filling

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 June 2013 IS PENALTY FOR LATE FILLING OF ITR IS TO BE LEVY IN THIS CASE

a.Y. 2012-2013
date of filling of return: 06/06/2013
Gross Total Income: less than maximum limit chrgeable to tax

Ganeshbabu K

Ganeshbabu K (Expert)
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07 June 2013 No,penalty may be levied on your case

Querist : Anonymous

Querist : Anonymous (Querist)

07 June 2013 THEN WHEN PENALTY OF RS 5000 UNDER SECTION 271F IS LEVIABLE

Ganeshbabu K

Ganeshbabu K (Expert)
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07 June 2013 A penalty of Rs 5,000 may be imposed under section 271 F if belated return is submitted after the end of the relevant assessment year.

Section 271F: Penalty for failure to furnish return of income

If a person who is required to furnish a return of his income, as required under sub-section (1) of section 139 or by the provisos to that sub-section, fails to furnish such return before the end of the relevant assessment year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of five thousand rupees.

Thanks and regards

Ganeshbabu k

Querist : Anonymous

Querist : Anonymous (Querist)

07 June 2013 IN MY ABOVE CASE I HAVE FILE ITR AFTER THE A.Y.
SO PENLATY MAY BE IMPOSED UNDER SECTION 271F

Ganeshbabu K

Ganeshbabu K (Expert)
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07 June 2013 if you see above reply

section 271F meaning

it is there that who is required to file their ITR as per 139(1) "means whose income exceeds basic exemption limit"

So 271F not applicable to you as your income not exceeds maximum amount not chargeable to tax

Ganeshbabu K

Ganeshbabu K (Expert)
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07 June 2013 Please refer below given clearly for your reference

https://www.caclubindia.com/experts/penalty-u-s-271-f-for-belated-returns-1266104.asp

Querist : Anonymous

Querist : Anonymous (Querist)

08 June 2013 THANKS SIR

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