CA VISHAL RANA,CS,B.Com,AMFI
(Chartered Accountant in Whole Time Practice)
(4354 Points)
Replied 04 April 2010
if your return is nil than no inetrest U/s 234A And penalty U/s 271F is leivied
CA.SKR
(CA; CS-Final (One Group); DISA (ICAI); Insolvency Professional)
(442 Points)
Replied 04 April 2010
Penalty u/s-271F will be applicable only if you are required to file ITR u/s-139 (1) of the Income Tax Act, 1961. If Gross Taxable Income before deduction under chapter - VIA was less than the basic exemption limit, no penalty u/s- 271F is applicable if ITR for the AY 2009-10 is filed after 31.03.2010
CA Shiv
(Business Controller)
(2987 Points)
Replied 04 April 2010
Yes if its nil tax return than no penalty will be levied also normally ITO wont issue notice fr tht.......
aayush shroff
(CA Final)
(37 Points)
Replied 04 April 2010
if nil return is submitted after 31st march then it attracts penalty u/s. 271F......
anshul bafna
(student)
(522 Points)
Replied 05 April 2010
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Raj Saxena (1412th Tiger)
(Struggling Student)
(272 Points)
Replied 05 April 2010
Practically penalty will not be attracted. But ITO has d right to impose d same If
GTI is higher than exemption limit and dere is no tax liability due to deductions of 80C etc.
CA. Ashish Bihani
(C.A.)
(307 Points)
Replied 05 April 2010
CA Shivang is right. No penalty will be levied...
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 05 April 2010
penalty may be imposed if GTI is above the minimum exemption limit........... even though the tax liability of the assessee is nil.............
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