Section 271f
This query is : Resolved
06 August 2015
one of my client has to file ITR for A.Y. 2014-15 whose income exceeding Maximum amount chargable to tax... is penlty u/s 271F imposed in generally ???
06 August 2015
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 subsection, 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.
So the section uses the word "May" which means the Penalty will be levied on the discretion of the Assessing officer. And normally speaking 1 out of 100 assessee is asked to pay the penalty.
So the section uses the word "May" which means the Penalty will be levied on the discretion of the Assessing officer. And normally speaking 1 out of 100 assessee is asked to pay the penalty.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Applicable TDS for Purchase of Flat from NRI
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Gift of mutual fund units to daughter
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Pass word to open justification report for Q1 for FY 2026-27
- Building tax payment deduction in rental Income
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
