Sec 271f

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 March 2014 i want to file my form 4s for for ay 2011-12 for bank loan purpose .my total inome during ay 2011-12 is 1,40,000 only .(no liability to flie return).i want to know that whether there is liability for penalty under sec 271f for late filing even though there is no liability to file return .please discuss
thanking you

Nikhil Kaushik

Nikhil Kaushik (Expert)
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05 March 2014 no...271F clearly states that penalty can be applied only where the assessee was required to file return under section 139(1). so no penalty can be applied in your case.

Ganeshbabu K

Ganeshbabu K (Expert)
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05 March 2014 If ur income before chapter via deductions not exceeds basic exemption limit 271f not applicable
.
By the way it is not posaible for you to file return for a.y.2011-12 now as it is time barred after 31.03.2013

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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05 March 2014 thanks ganesh...i missed out that point. I read as if the querist has already filed the return and is querying for applicability of 271F on the return already filed!