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
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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