Regarding the penalty for late filing

In FY 2008-2009 (AY 2009-2010), my gross profit was in 10% tax slab. But after computations my aggregate income was below Rs 1,50,000.

This month I'm going to file 2009 Return. I have found out that under section 271F, there is a penalty of Rs. 5000 for late filing. So is it applicable in this case? If yes, then should I voluntarily pay the penalty of Rs. 5000? or should I wait for any notice?

Thanks.
 

 

(Edited for clarifications)

 

Replies (4)

Dont pay penalty, wait for notice. U/s 271F, the assessing officer may ask for penalty.

Dear Ashish,

Dont pay penalty right now.  As told by Deepesh, it becomes payable only when the AO asks for penalty by sending u the demand notice...  

agreed with experts.

Only filed return u/s 139(4)

Thanks experts! Thank you for the information.

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