Section 271f
This query is : Resolved
18 September 2012
Dear Sir,
If an individual assessee whose gross receipts in AY 2011-12 are 11 lacs and net profit u/s 44ad coming to 1 lac.
Whether the penalty u/s 271f of Rs. 5000/- will attract if he files his return for AY 2011-12 now.
Please advise me.
If an individual assessee whose gross receipts in AY 2011-12 are 11 lacs and net profit u/s 44ad coming to 1 lac.
Whether the penalty u/s 271f of Rs. 5000/- will attract if he files his return for AY 2011-12 now.
Please advise me.
18 September 2012
Normally the income tax department is NOT harsh enough to charge penalty in such cases. So you can go ahead and file the return for the assessment year 2011-12
18 September 2012
As I have read about this section, this is applicable when, where assessee income is above exemption limit.
Am I right?
Am I right?
18 September 2012
271F. 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
18 September 2012
In the above case, assessee's income is less than exemption limit so he is not reqired to file return u/s 139 and its sub sections. Hence as per the wording of section 271f, penalty can not be lavied on the above case.
18 September 2012
you got it right.
18 September 2012
Yes vivek....you can file the return without any worries about sec 271F. As in your case it is not applicable.
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