Penalty for belated return

if your gross total income is below taxable limit then there is no ned to file RoI, but if its the other case, and u req to file RoI then penalty of 5000 is attracted u/s 271, though it needs to b paid only when AO demands not b4 dat

Does it means if ROI if filed belated and the income is below taxable limit, penalty u/s 271  is not attracted?

no it doesnt mean this, if RoI is filed belated then penalty is always attracted.

but y u want to file if income is below tax

return is to be filed for bank loan to be taken in future. bank needs three years income tax return copy for loan.

if this is the case then it all depends on AO whether he will levy penalty u/s 271F. you can file RoI and hope AO doesnt ask fr penalty