Penalty under section 271f
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 December 2013
whether it is mandatory to impose penalty of Rs.5,000/- in case income exceeding maximum amount not chargeble to tax when return is filled after the end of A.Y.
29 December 2013
The penalty is for non filing of return. If in the previous year your income was taxable and if you have not filed the return for the current year then this penalty can be attracted it is a different issue whether it is disposable or not for return below taxable limit
29 December 2013
Dear Vivek,
271F gets invoked where you dont file return by the end of the assessment year. So for eg for AY 2013-14, 271F is applicable only where return is not filed till 31 March 2014.
Assuming that you dont file till 31 March 2014, it shall be at the option of the AO to levy 271F penalty. But it is optional and not mandatory. Even if the AO proposes to levy such penalty, you shall be given due opportunity to present your reasons for the delay in filing and in case you are able to justify your case, penalty may not be levied.
271F gets invoked where you dont file return by the end of the assessment year. So for eg for AY 2013-14, 271F is applicable only where return is not filed till 31 March 2014.
Assuming that you dont file till 31 March 2014, it shall be at the option of the AO to levy 271F penalty. But it is optional and not mandatory. Even if the AO proposes to levy such penalty, you shall be given due opportunity to present your reasons for the delay in filing and in case you are able to justify your case, penalty may not be levied.
29 December 2013
Penalty u/s 271F is at the discretion of AO. He may or may not impose the penalty after giving assessee due opportunity to be heard off. Rs 5000 is maximum penalty.
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 January 2014
thanks to all of u...
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- GST ON EXPORT COMMISSION
- RCM INVOICING FROM NOV-2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- ITC EXCESS CLAIM + RCM NOT PAID...BOTH FOR FY 2020-21......PAID IN FY 2024-25....EFFECT
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
