Penalty for not filing return

CA JATINDER KAPOOR (JOB) (305 Points)

20 December 2012

My client has been covered u/s 44AB and has not been filed his return of income yet.

plz tell me about the penalty for not filing his ROI on time but the audit u/s 44AB is done on time ie before 30 sept.

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2 Replies

Sivaguru SM (Tax Consultant) (235 Points)
Replied 20 December 2012

If you provide good reason penalty nil or penalty will be rs.1.00 lac

CA Gaurav Verma (Chartered Accountant) (65 Points)
Replied 02 January 2013

As per Section 271F of the Income tax Act, 1961

if a assessee fails to file his ITR on or before end of relevent AY, the AO may impose a penalty of Rs. 5000/-.

e.g. Mr. X filed his ITR on 31.12.2011 (due date - 30.9.2011) for AY 2011-12. Whether he is liable to pay any penalty??

Ans:- No, Mr. X have filed his ITR on or before end of relevant AY i.e. 31.03.2012. He is not liable for penalty u/s 271F.

Also, as per section 273B, the penalty can be waived if sufficient cause for the delay has been furnished to AO.

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