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Return for f.y 2012 - 2013

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Querist : Anonymous

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Querist : Anonymous (Querist)
22 July 2014 If i file return today (Nil return of individual i.e ITR 1) for F.Y 2012-13 , is there a penalty of 5000 or not u/s 271F.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
22 July 2014 Levy of penalty is at the discretion of AO after giving assessee a reasonable opportunity of being heard. Max penalty is Rs 5000/-. You dont need to pay penalty at the time of filing of return.

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