28 June 2015
Every individual whose total income before allowing deductions under Chapter VI-A of the Income-tax Act, exceeds the maximum amount which is not chargeable to income tax is obligated to furnish his return of income u/s 139(1).
So, yes penalty u/s 271F may be levied by AO after giving assessee an reasonable opportunity of being heard. Rs 5000/- is maximum penalty.
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