Sec. 271f penalty
This query is : Resolved
10 October 2014
An assessee whose gross income for fy 2013-14 is 930000/- but he is eligible assesse to assess his income@ 8% of 930000/- so his income not exceed basic slab limit to file income tax return however his tds has been deducted@ 1% on contract basis.
His due date has been expired. So if he file his income can penalty be imposed on him of rs. 5000 u/s 271f.?
His due date has been expired. So if he file his income can penalty be imposed on him of rs. 5000 u/s 271f.?
Nikhil Kaushik
(Expert)
10 October 2014
no penalty can be levied if the return is filed by 31 March 2015.
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