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.....

agree with naman                           

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.

Agree with Naman

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.

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.............

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.............

yes penalty shall be levied

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