Panelty u/s 271f applicable or not.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 September 2012
Sir i was filled a belated return for A.Y 2011-12 after 31.03.2012 and i showed Gross Total Income exceding maximum amount not chargable to tax(i.e Rs 1,60,000) but after chapter ViA deduction my total income fall below Rs 1,60,000.
so i am in huge trouble that whether panelty u/s 271F amounting to Rs 5,000 is levied or not on me.
plz help me.
so i am in huge trouble that whether panelty u/s 271F amounting to Rs 5,000 is levied or not on me.
plz help me.
24 September 2012
Dear Friend, since your net income is less than the exempted limit for income tax then there is no case of penalty u/s. 271F of the Income Tax Act, 1961.
24 September 2012
agreed with expert...
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 September 2012
Thanxs for reply sir.
but as per section 139(1), person is required to filled return of income if his total income without giving effect to the provision of section 10A or chapter VI-A exceeds maximum amount not chargable to income tax.
according to the above provision i am falling in this case.
so help me in removing my doubt.
but as per section 139(1), person is required to filled return of income if his total income without giving effect to the provision of section 10A or chapter VI-A exceeds maximum amount not chargable to income tax.
according to the above provision i am falling in this case.
so help me in removing my doubt.
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