Shrestha Jain (Chartered Accountant) (555 Points)
19 June 2010
hello,
pls answer thisone-
Mr. X has not filed return of income for previous year 2008-2009
assesment year ends on31st march 2010.
now on 19 june 2010 he wants to file return .his income for py 08-09 was Rs.125000. pls tell whether the penalty of Rs.5000 will be levied or not. as his income is less than the minimum exemption slab.
rishikant pareek
(tdgt)
(32 Points)
Replied 19 June 2010
| Originally posted by : Nine | ||
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Answer in the given case due date for filing date is 31 july 2009 but assessee can file return of income upto march 31 , 2011 i.e one yer from th eend of the relevent assessment year. Section 271 cums in the picture vhn assessee fails to file and return within the due time however the penalty of rs 5000 is leviable only vhn assesses is suppose to deposit the tax. however according section 273 i assessee presents reasonable reason of failure .assessing officer can waive the penalty . one imporatnat thing is ,in practical department never charges penalty under section 271... so dude dnt wory with the provision of section 271 and file the return...
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