Penalty for not filing return

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My client has been covered u/s 44AB and has not been filed his return of income yet.

plz tell me about the penalty for not filing his ROI on time but the audit u/s 44AB is done on time ie before 30 sept.

Replies (2)

If you provide good reason penalty nil or penalty will be rs.1.00 lac

As per Section 271F of the Income tax Act, 1961 

if a assessee fails to file his ITR on or before end of relevent AY, the AO may impose a penalty of Rs. 5000/-.

e.g. Mr. X filed his ITR on 31.12.2011 (due date - 30.9.2011) for AY 2011-12. Whether he is liable to pay any penalty??

Ans:- No, Mr. X have filed his ITR on or before end of relevant AY i.e. 31.03.2012. He is not liable for penalty u/s 271F.

 

Also, as per section 273B, the penalty can be waived if sufficient cause for the delay has been furnished to AO. 

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