Sec. 285BA-SFT

Clause 51 - Finance Bill 2018 - Suggests some change to Sec 271FA- It is proposed to amend the said section so as to increase the penalty from one hundred rupees to five hundred rupees and from five hundred rupees to one thousand rupees, for each day of continuing default. No waiver etc. is talked about ..

Any Penalty is chargable only when it has been INITIATED by AO. As far as return is concerned you can file the return without any Penalty. But it's AO discretion whether he levied the penalty later on or not.

And Section 119 Condonation can't be filed here because condonation is for IT Return while SFTRA return is different from that.

I have already file SFT for the FY 16-17 but I got a notice mentioning that I haven't filed any statement. How do I respond to that notice?