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penalty u/s 271F of income tax act

CA Jimmit D Mehta (Employed) (494 Points)

24 June 2009

if a company filed its return on 1-8-2008 for the assessment year 2007-2008, is the company liable to pay penalty u/s 271F of income tax act

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7 Replies

Bhavadharani (Final student) (168 Points)
Replied 24 June 2009

Section 271 F is applicable if an assessee fails to comply with the provisions of section 139(1).

As per 139(1) due date for filing Return of Income by companies in respect of any previous year is 30th septmber of the relevant asst year.

Since the company has not filed on due date 271F is applicable

Jyoti Malik (ACCOUNTANT) (2644 Points)
Replied 24 June 2009

Yes It is applicable as the return was not filed before or on due date.

CA Jimmit D Mehta (Employed) (494 Points)
Replied 24 June 2009

thanks............................

CA Devanshi Gandhi (Ajani) (FCA DISA Mcom CIFRS & LLB) (9058 Points)
Replied 24 June 2009

section 271F is applicable when return is not filled as required by section 139 (1) before the end of relevant AY

so for AY 08-09 if return is not filled till 31/3/09 than this section is applicable and penalty will be Rs. 5000.

Shadab Ahmad (CA Student) (51 Points)
Replied 18 February 2010

Friends,

Now A days all tax consultant ,business man,specially persons who have Earned salary income ,are in rush so that they can file their income tax return by due date i.e 31st July 2009 .we are also one of them.Due date of filing of income tax return for Assessment Year 2009-10 (financial year 2008-09)

In case of person who are not liable to get their accounts audited is 31.07.2009
In case of person who liable to get their accounts audit is 30.09.2009

In first case(31.07.2009) person who has earned income from salary ,pension, interest income ,capital gain , house property and person owning small business and not liable to get their accounts audited are covered.

So net shell every body is trying to meet the deadline ie 31.07.2009 ,I and you are also doing efforts in this direction ,but do you know what is the penalty if some one has not filed his return by due date.................i.e 31st July 2009.

any guesses..........

no guess ,I will tell you ,In fact there is no penalty as such for this fault ,absolutely no penalty ,do you believe ,I have said that there is no penalty on late filing of return as such.But this is the fact .Specific penalty for late filing of return is prescribed u/s 271F which is briefed here under

"if a person failure to furnish return of income as required by section 139 before the end of relevant assessment year ,the assessing officer may impose a penalty of Rs 5000/-"

so this section says end of relevant assessment year ,as for previous year 2008-09 , assessment year is 2009-10 and its end on 31.03.2010 ,means there is no liability for late filing of income tax return up to 31.03.2010 and after that assessing officer can impose a penalty of 5000,and that is also his(AO) power which he may or may not exercise after giving due hearing to the assessee.

Now you would like to know why people are so much worried about the due date ,the reason is that as due date has been linked with various other section of the income tax act ,so it is significant in that manner .

so I have given some of impact of late filing of the Income tax return and issues related to due date of income tax.

vikas (student ) (139 Points)
Replied 18 July 2013

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) ?

shyam (Proprietor) (22 Points)
Replied 15 October 2013

Mr. A filled is return on 1/10/2010 of Ay 2008-09 and his imcome show of Rs. 102474/- under taxable limit but AO issued notice u/s 271F kindly suggest and sent reply letter u/s 271F.