Simple Question?

so if an individuals total income does not exceed basic exemption limit and has no tax liability

then can he file his return after the end of relevant A.Y. with no penalty???

Plz reply

Its not mandatory for him to file if income does not exceed the basic limit..But no penalty will be levied if he does so...

I am working in a private company. We have not yet finalised  the accounts for the FY 200910.  The audit is not completed.  If we will not file the IT returns before 30.9.2010 what will be the penalty.  Please clarity and adive.