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What penalty if return is not file within the due date??

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(Querist)
06 October 2013 pls tell me if any assesee(propritorship firm)to whom tax audit is applicable.is it liable for any panelty if he fails to file his return within the due date of return filing date??& if yes then what amount of panelty will be payable??
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
06 October 2013 please refer to section 271B and 271F.
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Sanket

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Sanket (Expert)
06 October 2013 There are two possibilities of incurring a financial
penalty for filing returns after the due date. Under
Section 271F of Income Tax Act, there is a
provision whereby the assessing officer may slap
a penalty of Rs 5,000, if an individual fails to
furnish ITR before the end of the relevant
assessment year.
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