Penalty u/s 271f ?

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 February 2012 Dear sir,
An individual having the total income of Rs. 162000/- (above from threshold limit) with the TDS of Rs. 3000/- in F.Y. 2009-10.
If he files his income tax return now for A.Y. 2010-11 only for refund purpose. Whether the penalty U/s 271F will attract or not ?
If any helpful citation in this regard, where prepaid tax is already deposited, then please suggest me.
Thanks.

Jagdish Bhalia

Jagdish Bhalia (Expert)
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04 February 2012 If the total income exceed the amount which is not chargeable to tax then AO may impose penalty of Rs. 5000/- for late filing of return.

You are suggested to file e-return for the assessment year 2010-11.

Querist : Anonymous

Querist : Anonymous (Querist)

04 February 2012 Whether the e-return can escape from penalty U/s 271F in such a case ?

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Jagdish Bhalia

Jagdish Bhalia (Expert)
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04 February 2012 Penalty is not mandatory in nature. It has generally seen in the most of the cases A.O. do not levy penalty if there is a reasonable cause.

and in case of e filing most the the cases assessed without issuing any notice to assessee.