if a person who is required to furnish a return of his income under Section 139, fails to furnish such return before the end of the relevant assessment year, the assessing officer may levy a penalty as follows:

Date of Filing Income Tax Return
Penalty under Section 271F
If the return is furnished after the due date of filing but on or before the 31st day of December Rs. 5,000
In any other case i.e if file after 31st December Rs. 10,000
Note: If the total income of the person does not exceed Rs. 5,00,000/-, the penalty payable under this section shall not exceed Rs. 1,000/-.

 

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