04 June 2012
I have to file a return on which Rs. 5000/- is leviable as Penalty u/s 271F. Although the challan has been deposited, but i find no space in ITR-1 and acknowledgement to specify the penalty. What should be done?
04 June 2012
I have got the money back....but why is it so???? I just read the section and it does not say that its applicable only when AO imposes to....
04 June 2012
Section uses the words "....Assessing Officer may direct that such person shall pay, by way of penalty, a sum of five thousand rupees"
The AO does not impose penalty in many cases and further if you have sufficient reason for not filing the return on time then he will not impose any penalty. So, pay only if AO asks you to pay and not on your own discretion.
04 June 2012
Further, As per section 273B -No penalty shall be imposable on the person or the assessee, as the case may be, for any failure if he proves that there was reasonable cause for the said failure.
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