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Penalty

P-A-W-A-N (TAX - MANAGER AT GURGAON) (541 Points)

22 January 2010

Is any Penalty regarding filing Income tax Return For AY 2008-09

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8 Replies

C.Balaji (Learner) (1867 Points)
Replied 23 January 2010

A.Y. 08-09 Return can be filed before 31.03.2010.

Belated Return should be filed within one year from the end of relevant A.Y.......

Why penalty???

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Bimal Thacker (Proprietor) (762 Points)
Replied 23 January 2010

Dear C Balaji

Even incase of belated return which is submitted after the end of assessment year, there is penalty U/S 271F

C.Balaji (Learner) (1867 Points)
Replied 23 January 2010

Mr.Bimal Thacker

is there any penalty for filing return as belated now???

Bimal Thacker (Proprietor) (762 Points)
Replied 23 January 2010

Dear Balaji

as per Section 271F penalty is for failure to furnish return of income as required by section 139 BEFORE THE END OF RELLEVANT ASSESSMENT YEAR.

If his income is more then exempted limit (before exemption under section 10A, 10B,10BA,80C to 80U) then for A.Y. 2008-09 return filled after 31.3.2009 section 271F is applicable, however penalty is not leviable if the assessee proves that there was reasonable cause for failure.

However if you have any other clerification according to which no penalty then I would like to know.

Also think about consequences of belated return

BALASUBRAMANYA B N (CCI STUDENT....) (44679 Points)
Replied 23 January 2010

Upto 31st march 2010 can file the FY 2007-08 without panalty.

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manish (Article Assitant) (358 Points)
Replied 23 January 2010

Sorry but i dont think so that there is no penalty. Of course there is a penalty of Rs.5,000 for the filing of return if the return is exceed the exemption limit. but if the return is nil then it may be file without penalty or some little penalty amount.

(Guest)

Penalty u/s 271F(of Rs. 5000)will be levied for belated return for A.Y. 2008-09 if there was a obligation to file ITR (Income above the Exemption limit,,,or refund is claimed etc.) ... But if assessee was not mandatorily required to file his ITR and still he files his ITR - NO penalty is there.