Poonawalla fincorps
Poonawalla fincorps

Penalty u/s 271f

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Querist : Anonymous

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Querist : Anonymous (Querist)
25 July 2012 Dear expert,
In case of a professional, in AY 2011-12, his gross receipts were Rs. 205000/- and his professional expenditures were Rs. 50000/-, after subtracting them net profit comes to 155000/-.
If he files his return for AY 2011-12 now, whether the penalty u/s 271f will attract or not.
Please advise me.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
25 July 2012 As his Total Income 155000/ is below the
taxable limit, he is not liable for penalty.
.
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SANYAM ARORA

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SANYAM ARORA (Expert)
25 July 2012 Agreed to Paras sir
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