NIL RETURN SUBMISSION

IF A.Y. 2009-10 RETURN SUBMITTED AFTER 31ST MARCH 2010 there is a penalty of Rs.5000/- u/s 271F

but if the return was a NIL return than to sec 271F is attracted ?
 

Replies (8)

if your return is nil than no inetrest U/s 234A And penalty U/s 271F is leivied

Penalty u/s-271F will be applicable only if you are required to file ITR u/s-139 (1) of the Income Tax Act, 1961. If Gross Taxable Income before deduction under chapter - VIA was less than the basic exemption limit, no penalty u/s- 271F is applicable if ITR for the AY 2009-10 is filed after 31.03.2010

Yes if its nil tax return than no penalty will be levied also normally ITO wont issue notice fr tht.......

if nil return is submitted after 31st march then it attracts penalty u/s. 271F......

 

 

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Practically penalty will not be attracted. But ITO has d right to impose d same If

GTI is higher than exemption limit and dere is no tax liability due to deductions of 80C etc.

CA Shivang is right. No penalty will be levied...

penalty may be imposed if GTI is above the minimum exemption limit........... even though the tax liability of the assessee is nil.............

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