Penalty on delay filing of itr

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 June 2015 if delay filing of ITR penalty will be levy Rs. five thousand even if return filed just after Due date in the case of all type of assessee.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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28 June 2015 Penalty u/s 271F is attracted if the return is filed after the end of relevant assessment year. No penalty for belated return filed after due date. So return of AY 2015-16 can be filed upto 31.03.2016 without any penalty.

Levy of penalty is at the discretion of AO after giving assessee an reasonable opportunity of being heard.