15 March 2013
Can a Salaried person who does not have tax liability of other than Short Term Capital Gain of Rs.292/- and long term capital loss of rs. 2435/- from listed shares of stock exchanges can file the return on 31-03-2013 without any penalty on late filing return. Pls. explain in breif. Thanks in advance
16 March 2013
As per section 271F .A.O can levy penalty upto Rs 5000/-.However penalty can be dropped if ,reasonable cause has been explained to AO at the time when he issues show cause notice
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