Chartered Accountant in Whole Time Pract
4354 Points
Joined January 2010
You are not required to pay interest u/s 234A and penalty u/s 271F if you file NIL return of income means tax payable on disclosed income nil....otherwise if you have taxable income than Interest u/s 234A 1% per month or part of the month and penalty u/s 271F Of Rs. 5000 shall be levied.
Provided Penalty may be condone by the Deptt...means penalty may be levied