If an individual is not required to file IT Return (i.e Income is below exemption limit) during the FYr. 2009-10 but files return after 31st March 2011. Will he be penalised u/s 271F?
paramita
(CA)
(41 Points)
Replied 05 April 2011
If an individual is not required to file IT Return (i.e Income is below exemption limit) during the FYr. 2009-10 but files return after 31st March 2011. Will he be penalised u/s 271F?
Umaid Singh Shekhawat
(Chartered Accountant)
(25 Points)
Replied 05 April 2011
Yes u can file I T Return for the assessemnt year 2010-11upto 31.12.2012. As there is no tax liability due to the income being below taxable limits there is no penalty u/s 271F of the I T Act 1961.
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