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urgent need on section 271 f

madhukar gupta (accountant) (26 Points)

25 January 2010

if a person files his return of income below gross total income for any previous year then will he be liable for penalty under section 271F if he files his return of income after end of relevent assessment year?

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6 Replies

CA LOVELY ARORA (C.A. B.Com (H) Graduate) (2151 Points)
Replied 25 January 2010

Question not clear............... if someone has gross total income less than specified limit i.e. minimum exemption limit...... then why would he file return............ if that is above gross total income......... then only he would be required to file return......... along with penalty amounting to Rs. 5000 u/s 271F.......... but it can't be filed after end of one year of assessment year........... in any case...........

Amir (Learner) (4016 Points)
Replied 25 January 2010

Dear Madhukar,

Penalty u/s 271 F is not attracted in case return is filed after the end of assessment year where "GROSS TOTAL INCOME" is less than exemption limit.

Sarbendra Das (Cost Accountant & CA Final student) (52 Points)
Replied 30 January 2010

Penalty U/S - 271F will not attract if the assessee has GTI less than the Exemption limit even if he submit return after the end of relevant assessment year.