Partnership firm - exemption from income tax return filing ( ITR ) - Income Tax

Partnership firm - exemption from income tax return filing ( ITR )

Page no : 2

rahul rana (CA) (110 Points)
Replied 11 December 2015

Exemption of a particular income does'nt relieve you of filing of income tax return .

So you have to file ITR in both cases.

thanx

1 Like

Z ( ) (2960 Points)
Replied 11 December 2015

Originally posted by : Kaushik
	Thanks for reply In the above same case [where (A) Income is only Dividend (B) Income is only Agriculture], if Partnership firm has not filed ITR, than what are the consequences / fine / penalty ?

Well there is a penalty, but if the income is purely an exempted income,like in this case, then the tax authorities are at times a bit lenient and might not levy the penalty . But yes there is a possibility to levy penalty of Rs. 5000 u/s 271F , which has been cited for your reference.

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.

1 Like