Nand Kishor Agrawal (Article) (158 Points)
29 December 2010Hey guys i have a friend who is a salaried person..he asked me to file his ITR for PY 2008-09 (AY-2009-10) the due date for which was 31.3.2010...
its a small refund case for just Rs.600.....asessee dsnt want the refund but he want to know wot will be the penalty if he files the return now....
plz reply urgently
Thanx in anticipation..
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 29 December 2010
Penalty of Rs. 5,000 in respect of each year may be imposed by AO u/s 271F
Nand Kishor Agrawal
(Article)
(158 Points)
Replied 29 December 2010
I heard it is on the discretion of AO...wot are the chances that he will be fined for such small return...his income is just 1.2 lacs...
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 29 December 2010
it can be submitted with prior permission of AO only, so if the grounds are found reasonable at assessment stage then AO will relax, but the maximum limit is stipulated u/s 271
shashank jaiswal
(finance executive)
(38 Points)
Replied 11 January 2011
sory i m late join to this discussion forum but according IT act, 1961 the penalty is imposed if there is any tax liabilty in case there is no tax liability there will be no penalty imposed on the assessee even if he is filing belated return
CAclubindia
