Income tax penalty

vinay sharma (CA final (Article)) (327 Points)

20 March 2012  

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.).