mehul kishnani (student) (264 Points)
18 June 2010
Section 271F
If a person who is required to furnish a return of his income, as required under sub-section (1) of Sec 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..
Thus If you are filling the ITR for the AY 09-10 now, AO may impose penalty of Rs. 5000/- because last date was 31/03/10 for AY 09-10.
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 18 June 2010
The words used in the section as may and not must.
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 18 June 2010
Dear Mehul,
what do you want to ask?
mehul kishnani
(student)
(264 Points)
Replied 18 June 2010
hi
i know word is may thats y i kept in bold....i just want to share section 271F because many people understand that they can file belated return without any penalty. however section 271F given the power to impose penalty. It is solely on the discretion of the AO whether to impose a penalty or not.
CAclubindia
