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nilesh (PROPRIETOR)     18 July 2013

Penalty for belated return

In case of income 'below taxable limit' if return is filed after end of relevent assessment year , does the penalty for belated return is attracted(sec 271) ?

 5 Replies

CA. Kunal Lakhotia

CA. Kunal Lakhotia (ACA)     19 July 2013

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

1 Like

nilesh (PROPRIETOR)     19 July 2013

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

CA. Kunal Lakhotia

CA. Kunal Lakhotia (ACA)     29 July 2013

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

1 Like

nilesh (PROPRIETOR)     30 July 2013

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

CA. Kunal Lakhotia

CA. Kunal Lakhotia (ACA)     30 July 2013

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

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