Belated Return

Dear Nuba,

    In such situations, penalty of Rs.5000 will have to be paid under sec271F

Dear Narayanan,

Theoritically  penalty has to be paid, but practically no penalty has to be paid as there is no loss to the revenue.

So Nuba, nothing to worry. File the return now till 31st March 2011.

Thanks Sir..........

1 more thing this is the case of belated return........n can A.O. on his discretion impose penalty?

DEAR NUBA,

SEC 271F SPECIFIES THE PENALTY FOR DELAYED OR NON FILING OF RETURN WITHIN DUE DATE. AO MAY AT HIS DESCRITION MAY IMPOSE THE PENALTY, IT IS NOT MANDATORY ON PART OF AO TO IMPOSE PENALTY.

BUT AS RITESH SIR SAID, PRACTICALLY AO DOESN'T IMPOSE THE PENALTY AS THERE IS NO REVENUE LOSS TO DEPT.

I ALSO HAVEN'T COME ACROSS ANY PRACTICAL CASES IN MY ARTICLESHIP WHERE PENALTY HAS BEEN LEVIED FOR THE SIMILAR CASE U MENTIONED.

BUT IS IS ADVISABLE TO FILE RETURN ASAP.

REGARDS,

MANOJ