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.
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