Return 139(4)

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Udit Mathur (Querist)
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20 December 2011 The income of PY 09-10, if filled on 20/11/2011 would it be attracting the penalty of Rs. 5000 ?
As it is filled after the due date 31july but after the end of one year from the assessment year ends but after the end of AY

Thank you

CA Ashwani Agarwal

CA Ashwani Agarwal (Expert)
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20 December 2011 If the income is taxable... It will definitely attract penalty..

If the return is below taxable limit, then as you were under no compulsion to submit the return. Therefor no penalty.

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CA VISHAL RANA,CS,B.Com,AMFI

CA VISHAL RANA,CS,B.Com,AMFI (Expert)
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20 December 2011 agree with expert

Penalty u/s 271F of rs. 5000 is descretionery on the power of AO.
penalty is not mandatory it can be condone by AO if you have reasonable ground for delay in filling the return of income.

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Udit Mathur

Udit Mathur (Querist)
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20 December 2011 Thank You ! I learned a great thing thank you again

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