07 December 2007
For the A.Y. 2005-2006, any person having income below taxable limit(I.e. Rs. 50,000/-) and having agricultural income of Rs. 4,00,000/-. Can he file the ITR before March 31, 207 without attracting the penalty clause of not filing the ITR u/s 139 (1) which require the filing of ITR if it exceed the exemption limit. Becoz he is not supposed to file under this section, so i think, penalty of Rs. 5,000/- should not be attarcted.
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