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Penalty sec.271f

ruchita (student) (85 Points)

21 December 2017

FY:15-16 KA ROI FILE NHI KIYA HE....DIRECTLY FY:16-17 KA ROI 20/12/2017 KO FILE KIYA HE.FY: 15-16 ROI FILE HI NHI KRNA HE...FY15-16 KI TOTAL INCOME BELOW RS.250000 HE....TO PENALTY LAGEGI MUJ FOR FY:15-16 KE LIYE ??????

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8 Replies

Ketan Malik (Management Trainee at Genpact) (55 Points)
Replied 21 December 2017

271f mein Likha hai that penalty tab lagegi when you are required to file the return under 139(1) and 139(1) mein Likha hai k you have to file your return if your total income exceeds the amount chargeable to tax. So in case the income was less than the basic exemption limit penalty cannot be levied

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Prajjwal Kaushik (Finance Professional) (6216 Points)
Replied 21 December 2017

No. Penalty will not be applicable in such cases.

271F. Penalty for failure to furnish return of income.— If a person who is required to furnish a return of his income, as required under sub-section (1) of section 139 or by the provisos to that sub-section, fails to furnish such return before the end of the relevant assessment year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of five thousand rupees.

Here the words "person required to furnish a return of income" means someone whose gross total income is more than Rs.2,50,000.