Hi friends,
With deduction under Chapter VI-A, I never had to pay tax though my income has been more than the tax limit for the past four years. I mean this year it is more than 190000 and so... I don't know i have to file returns even if i don't pay tax. So, can i file the returns of the previous Assessment years without attracting any penalty?. Please tell me
Dear Rojamani,
If U look at Sec 139 it says, Every person whose Total Income exceeds maximum amount not chargeable to tax (i:e exemption limit) is required to file return.
But then its proviso says
Provided also that every person, being an individual or a Hindu undivided family or an association of persons or a body of individuals, whether incorporated or not, or an artificial juridical person, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year, without giving effect to the provisions of section 10A or section 10B or section 10BA or Chapter VI-A exceeded the maximum amount which is not chargeable to income-tax, shall, on or before the due date, furnish a return of his income or the income of such other person during the previous year, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed.]
Therefore, If your Gross Total Income before claiming Chapter VI A exceeded the exemption limit then u were supposed to file ur return & if not filed upto the end of AY, then Penaltyy of Rs. 5,000 u/s 271 F may be imposed
Please refer my contribution file for detailed information on the concerned topic
rahulpoddar.caclubindia.com
Agree with Amir.
Dear Amir,
Is it possible for me to file returns of the income i earned during F.Y.2008-09 before Mar 31,2010 without attracting any penalty? Please clarify.
I'm also having same query,
whether penalty of rs 5000 u/s 271f is imposable if ROI is filed in response to & within time allowed in notice issued under sec142 (1) after end of relevant AY(2008-09)
(income is exceeding maximum exemption limit but no tax is payable)
The only way in the above case to escape penalty u/s 271F where return is filed after the end of relevent assessment year is u/s 273B where the assessee can prove that there was reasonable cause for the faliure.
section 271F runs as under:
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 sub-section, 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.
If the default is made u/s 139(1) section 271F is attracted irrespective of the fact whether the return has been filed in response to notice u/s 142(1)
Yes, Rojamani u have time to file return of FY 2008-09 till 31 mar 2010 after that penalty of 5000 is imposable even if there is no income tax.
CAclubindia
