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Belated income tax return

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13 March 2009 A PERSON WANT TO FILE THE RETURN U/S 139(4) FOR PR. YR. 2006-07 HAVING TAXABLE INCOME BELOW THE EXEMPTED LIMIT. SO IS THERE ANY CONSEQUENCES ARISE U/S 271 (F)FOR PENALTY OF RS 5000 FOR SUCH FILLING OF BELATED RETURN.
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CA Tilak Raj Sharma

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CA Tilak Raj Sharma (Expert)
13 March 2009 Already answered.
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CA Ashutosh Kumar Mishra

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CA Ashutosh Kumar Mishra (Expert)
13 March 2009 if GTI is below the Exemption limit than no Penalty other wise AO may impose penalty.
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