Filing of belated return and penalty

ITR 3955 views 8 replies

While filing a belated return, which is a 'nil' return, will there be any levy for penalty???

Replies (8)

No penalty u/s 271 F for belated return in case of nil return.....penatly u/s 271F of rs. 5000/- levied only in case of taxable income

No penalty u/s 271 F for belated return in case of nil return.....penatly u/s 271F of Rs. 5000/- levied only in case of taxable income

 

Originally posted by : VISHAL RANA, AMFI,CA,CS FINAL,

No penalty u/s 271 F for belated return in case of nil return.....penatly u/s 271F of Rs. 5000/- levied only in case of taxable income

Oh ok. Thank u!!

Agreed with Mr Vishal.

agree with Vishal...

Belated Return u/s 139(4) can be filed up to the end of 1 yr from the end of relevant AY or completion of assessment whichever is earlier.

The Act stipulates to mean that, if an assesse no income or rather no tax due, then certainly he ecsapes from penalty and interests under section 234A,B,C.

But,But, But if return is filed late a Penalty of Rs. 5000 (at the discretion of assess) can always be charged under s.271 F.

Further, if you can convince the officer adequately to his satisfaction the reason of your delay than then penalty shall be quashed (Elaboration of S.273B)

BUT THE TWIST IN YOUR CASE MISS FRIYANA IS THAT , YOU WERE NOT EVEN SUPPOSED TO FILE THE RETURN, SINCE YOU DIDNT HAVE ANY TAXABLE INCOME AT ALL.

ITS A PURE CASE OF VOLUNTARY COMPLIANCE

SO GO AHEAD, NO FINE NO PENALTY, JUST FILE THE RETURN

Hope that helps...........

Regards and Cheers

 

 

ok Arijit...i get your point. So the long and short of it is that i wont require to pay any penalty.

thanks alot!!! smiley

Thnx for sharing


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