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Return for AY 09-10 now with penalty


mehul kishnani (student)     18 June 2010

mehul kishnani
student 
 17 likes  264 points

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Section 271F

 

If a person who is required to furnish a return of his income, as required under sub-section (1) of Sec 139 or by the provisos to that sub-section, fails to furnish such return before the end of the relevant assessment year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of five thousand rupees..

 

Thus If you are filling the ITR for the AY 09-10 now, AO may impose penalty of Rs. 5000/- because last date was 31/03/10 for AY 09-10.

avater

Aditya Maheshwari (CA in Practice)     18 June 2010

Aditya Maheshwari
CA in Practice 
 2576 likes  35776 points

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The words used in the section as may and not must.

avater

CA LOVELY ARORA (C.A. B.Com (H) Graduate)     18 June 2010

CA LOVELY ARORA
C.A. B.Com (H) Graduate 
 189 likes  2141 points

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Dear Mehul,

what do you want to ask?

mehul kishnani (student)     18 June 2010

mehul kishnani
student 
 17 likes  264 points

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hi

i know word is may thats y i kept in bold....i just want to share section 271F because many people understand that they can file belated return without any penalty. however section 271F given the power to impose penalty. It is solely on the discretion of the AO whether to impose a penalty or not.


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