Income tax penalty

968 views 6 replies

Hello seniors,

I have some doubts, first whether belated return u/s 139(4) filed with in the expiry of one year from relavent assesment year (filed after relevant assesment year suppose F.Y. 2009-10 return file in march 2012) attracht penalty u/s 271F(rs. 5000).

Second, if we revise return (filed u/s 139(1) before 31st july), with increse in gross total income (approximate 50% of income) and paid tax with interest u/s 234 with revise return, attrach any penalty. if yes then under which section and how much amount (min. and max.).

Replies (6)

271f the penalty is rs 10,000 not 5000,,,,

 

Penalty is 5000 rs.

 no penalty payable if Revised return need to to filled wthin time limit (i.e. after expiry of one year from the end of financila year).

if income is increase than you should need to pay tax with applicable interest u/s 234A,B & C

 no penalty payable if Revised return filled wthin time limit (i.e. after expiry of one year from the end of financila year).

if income is increase than you should need to pay tax with applicable interest u/s 234A,B & C

Is there any chances to file return u/s 139(4)  attrach penalty u/s 271(concelment)?

penlty u/s 271f is 10000 or 5000? many books shows its 5000.

 

64[Penalty for failure to furnish return of income.

271F. 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.]


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