Belated return

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Hatim Hussain Kankroli Wala

Hatim Hussain Kankroli Wala (Querist)
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05 November 2012 Dear Members,

For belated return Of AY 2009-10, penalty u/s 271F is levied or not if tax is NIL?

@VaibhavJ

@VaibhavJ (Expert)
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05 November 2012 Hi

a person who is required to furnish a return of his income, as required by the proviso to sub-section (1) of section 139, fails to furnish such return on or before the due date, he shall be liable to pay, by way of penalty, a sum of five hundred rupees

So he may be asked to pay penalty.

Rgds//Vaibhav
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Hatim Hussain Kankroli Wala

Hatim Hussain Kankroli Wala (Querist)
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05 November 2012 But Dear Friend, tax liability is NIL. So, how can he ask for penalty?

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@VaibhavJ

@VaibhavJ (Expert)
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05 November 2012 Hi,

What is status of Assessee? If a company or firm then itz mandatory for them to file return of income.

Thanks//Vaibhav
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RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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05 November 2012 section 271F is applicable when return is not filled as required by section 139 (1) before the end of relevant AY so for AY 08-09 if return is not filled till 31/3/09 than this section is applicable and penalty will be Rs. 5000

for updation read link:

http://taxguru.in/income-tax/penalty-consequence-late-income-tax-return-filing.html