penalty
This query is : Resolved
19 June 2010
hello,
pls answer thisone-
Mr. X has not filed return of income for previous year 2008-2009
assesment year ends on31st march 2010.
now on 19 june 2010 he wants to file return .his income for py 08-09 was Rs.125000. pls tell whether the penalty of Rs.5000 will be levied or not. as his income is less than the minimum exemption slab.
pls answer thisone-
Mr. X has not filed return of income for previous year 2008-2009
assesment year ends on31st march 2010.
now on 19 june 2010 he wants to file return .his income for py 08-09 was Rs.125000. pls tell whether the penalty of Rs.5000 will be levied or not. as his income is less than the minimum exemption slab.
19 June 2010
As per Section 139 a person need to file his ITR only when his Gross Income exceeds minimum exemption limit. Few days earlier there was a notification by Income Tax Deptt that they will not accept ITR below minimum exemption limit as it increases cost for them.
Penalty of Rs 5,000 is levied u/s 271F which is normally levied when there is tax liability of the assessee in the ITR and ITR is deposited after the end of one year from the end of the relevant A.Y.
Penalty of Rs 5,000 is levied u/s 271F which is normally levied when there is tax liability of the assessee in the ITR and ITR is deposited after the end of one year from the end of the relevant A.Y.
19 June 2010
AGREE WITH EXPERT, NO TAXABLE INCOME NO PENALTY
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