22 January 2010
If it is filled after 31st March 2009 and income without givig exemption U/S 10A, 10B, 10BA, 80C to 80U exceed the amount of exempted slab (in case of other than company or firm)then there is penalty of Rs. 5000/=. However if the assessee prove that there was reasonable cause then the same may be not penalised
22 January 2010
Penalty under section 271F attracts only if the return is filed after the end of the assessment year ie after 31st March,2010 provided the case is not covered under section 44AB of the Income tax Act,1961.
23 January 2010
in your case if income after all deduction and exemption is more than tax free limit provided not covered for Tax Audit then you can file it till 31-03-09 i.e. end of A.Y. if you file it after this you can file it till 31-3-10 but you have to pay Rs 5000/- penalty u/s 271F.
CAclubindia
