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I am right or wrong


(Guest)

good evening sir,

supoose a salaried class person. whose tax liablity is 4500 for the f.y 2011-2012. than return date is 31 july 2012. but supoose he will fill their return before 31 march 2013. than he will paid intrest @ 1%. but if he fill their return after 31.march 2013. than he will paid both interest and panelty 5000.sir i am right or wrong please reply


 9 Replies

naman (CA final student) (29 Points)
Replied 18 June 2012

Yes.. As per Section 271F Penalty of 5000 may be Imposed by the assesing office if the return in not filled as per Section 139 before the end of Relevent assessment Year.....

1 Like

CA ADITYA SHARMA (CA IN PRACTICE ) (16719 Points)
Replied 18 June 2012

agree with naman                           

Lokesh (CS professional) (493 Points)
Replied 18 June 2012

agreed with Akshay jain unless your case fall on scrutiny your liability does't arise. but as per the provisions of act there is a provision of penalty provided case falls under scrutiny.

*RENU SINGH * (✩ §m!ℓ!ñġ €ม€§ fℓม!ñġ ђ♪gђ✩ )   (21607 Points)
Replied 19 June 2012

Agree with Naman

Rupesh Maheshwari (ACA, Dip. IFR (ACCA)) (6151 Points)
Replied 19 June 2012

Yes Penaltyu/s 271 F @ Rs. 5,000 shall be levied where the assessee fails to furnsih ROI within the last day of Relevant AY & Total Income exceeds maximum amt. not chargeable to tax.

However, if total income does not exceed max amt not chargeable to tax, then penalty shall not be levied even if ROI is filed after the last day of RAY.

Further, Penalty proceedings must be initiated by the A.O.

nitin suvarna (C.A FINAL) (828 Points)
Replied 19 June 2012

thus, if a assessee's income exceeds the limit but  he has no liabilty (bal. tax payable) , since tds deducted  still he would be penalised for not filing the return in time .

i had to clarify this one,thanks to all.............

nitin suvarna (C.A FINAL) (828 Points)
Replied 19 June 2012

thus, if a assessee's income exceeds the limit but  he has no liabilty (bal. tax payable) , since tds deducted  still he would be penalised for not filing the return in time .

i had to clarify this one,thanks to all.............

MOHD ANZAR ALI (EMPLOYEE) (78 Points)
Replied 19 June 2012

yes penalty shall be levied

shailendra (Accounts Executive ) (128 Points)
Replied 19 June 2012

Originally posted by : naman

Yes.. As per Section 271F Penalty of 5000 may be Imposed by the assesing office if the return in not filled as per Section 139 before the end of Relevent assessment Year.....
a

I agree 


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