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/-. | |