10 September 2011
As per provisions of Sectin 139(1) of the Income Tax Act, 1961, every person whose total income exceeds the maximum amount, which is not chargeable to income tax, shall by the due date, file his return of income in prescribed form. Failure to do so by the due date or before the end of relevant assessment year will attract penalty under Section 271'F of IT Act 1961, amounting to Rs. 5000/-
U/S section 271F the powers given to the assessing officers are discretionary, not mandatory, So in the case if the income is above taxable limit, the return filed after the due date, The AO may levy the penalty of sum mentioned above.
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