PENALTY UNDER SECTION 271F!!!!!!

If ROI is file after the end of Assessment Year i.e. 31st March, then penalty of Rs.5000 under section 271F is leived

Rajeev is right.

but the penalty is levied at the discretion of the AO

if assesee has GTI more than basic exemption limit before giving credit of Chaoter vi then he will be penalised for 5000 if he does not file return within 31st march

Md.Mosharraf Ali Raza is right