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Return of income

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(Querist)
25 March 2014 If a person have no taxable income but he want to file income tax returns for the purpose of bank loan,
if he file Belated return after end of assessment year; is he liable to pay penalty of RS.5000/-as per section 271F?
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
25 March 2014 No penalty will be levied u/s 271F if the income was within the exemption limit. Further, penalty of Rs 5000/- is maximum penalty and at the discretion of AO.

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