a person who is required to furnish a return of his income, as required by the proviso to sub-section (1) of section 139, fails to furnish such return on or before the due date, he shall be liable to pay, by way of penalty, a sum of five hundred rupees
So he may be asked to pay penalty.
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05 November 2012
section 271F is applicable when return is not filled as required by section 139 (1) before the end of relevant AY so for AY 08-09 if return is not filled till 31/3/09 than this section is applicable and penalty will be Rs. 5000