Penalty of rs. 5000 for late filing of return
dear all,
My client have income of Rs. 2,60,000 for AY 2014-15. Out of that 70,000 is agriculture income. He want to file return now. Can AO levy penalty of Rs. 5000 for late filing of return???
Replies (1)
There is no liability on your part to file return u/s 139(1) as the income does not exceed the exemption limit , and hence no penalty.
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