Panalty u/s 271f

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karan (Querist)
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10 February 2014 Sir penalty u/s 271F is leviable only if we required to furnish return of income... My ques is if we file ROI of a person who's amount is less then maximum amount not chargeable to tax after the due date u/s 139(4), whether penalty will levy on the assessee. If no, then plz tell me can i file return of an assessee for A.Y 2011-12, 2012-13...

CA PRIKSHIT GUPTA

CA PRIKSHIT GUPTA (Expert)
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10 February 2014 No penalty will be leviable on ROI, if your gross total income is less than taxable limit. You can file return upto one year from the end of the assessment year. so, you can file return for A.Y. 2012-13 upto 31.03.2014. You can't file return for A.Y. 2011-12.