Does penalty u/s 271f will arise if return for a/c year 08-09 and 09-10 filed now

saju sathyadevan (Querist) 05 September 2011 This query is : Resolved
Dear Sir,

My client got TDS certificate for Asst. Year 2009-10 on 29.08.2011 and for Asst. Year 2010-11 on 11.04.2011 from State Bank of India on his FDR. Whether he will be imposed/liable to pay penalty u/s 271F if his return is filed in the financial year 2011-12. His total income for these two years is below taxable limit. Please comment.

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Raj Kumar Makkad (Expert) 05 September 2011
No. There is no provision for penality if taxable limit was below limit.

prabhakar singh (Expert) 05 September 2011
Expert : raj kumar makkad is right,person whose income is below exemption limit is not under legal obligation to file returns.

Amit Soni (Expert) 05 September 2011
As per provisions of Sectin 139(1) of the Income Tax Act, 1961, every person whose total income exceeds the maximum amount, which is not chargeable to income tax, shall by the due date, file his return of income in prescribed form. Failure to do so by the due date or before the end of relevant assessment year will attract penalty under Section 271'F of IT Act 1961, amounting to Rs. 5000/-. Hence if income for the FY is below the slab you can file the return & claim the refund of the Tax which has been deducted.

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