Panelity u/s 271c

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Harsh Wadhwa (Querist)
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03 April 2015 Please tell that when would a person entitled to pay Rs 5000 panelity??
Suppose he is liable to furnish income tax return of fy 13-14 and he fails to furnish return on 31.03.2015 ,,,, is he become liable for panelity of u/s 271f Rs 5000,,,

What will happen in case of refund and nil return???

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Harsh Wadhwa

CA John Abraham Austin ACA

CA John Abraham Austin ACA (Expert)
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04 April 2015 First of all, we need to refer sec 139(1) which says who is liable to file a return f income. If the person concerned in this question is liable to file ROI, then he shall be liable to proceedings u/s 271. Also if anyone wishes to file ROI, he can file a belated return not greater than end of one assessment year succeeding the original assessment year. In this case, your assessee should have filed withing the due date I had mentioned. If not, it is a violation of sec 139(4)- belated return. However, you may file a petition for condonation of delay and get the penalty waived.