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Notice recd. U/s 271f for the A.Y.yyear 2012-13.

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vinay khurana

3 Points Posted on 06 January 2020

Dear sir,

The assessee received the notice section 274 read with section 271f of the income tax act for the A.Y. 2012-13 & metioned in notice "it appears to me that you have failed to furnish return of income tax as required U/s 139(1) of the income tax act.1961 before the assessment year.& show cause why an order imposing a penalty on you should not be made U/s 271f of the income tax act."

please suggest. what should be reply against notice u/s 271F

Regards

vinay khurana

Replies (3)

Quick Summary

This discussion addresses a notice received under Section 271F of the Income Tax Act for the Assessment Year 2012-13, concerning the failure to furnish a return of income by the due date. The assessee, unaware of the filing requirement and involved in equity share trading, has since filed the return. The query seeks guidance on the appropriate reply to the notice, as Section 271F carries a penalty of Rs. 5,000 if not addressed within the stipulated time.

Sunil Sharma

19 Points Posted on 06 January 2020

What is the reason for failure to furnish the return?

Debiprasad Jana

295 Points Posted on 06 January 2020

Its a penalty provision. if you not reply with in the stipulated time then order will be passed and penalty amout rs. 5000 to be levied

vinay khurana

3 Points Posted on 07 January 2020

Originally posted by : Sunil Sharma

What is the reason for failure to furnish the return?

The assessee was not aware regarding filing Of ITR & was also deals in various equity shares.In respone to notice assessee filed ITR for the A.Y.2012-13 with taxable income. what should be reply.plz suggest.