Frequently asked questions
Frequently asked questions
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1. What is the penalty for not filing Income Tax Return (ITR)?
1. What is the penalty for not filing Income Tax Return (ITR)?
Under Income Tax Act, 1961, if you file your ITR after the due date, a late filing fee may be charged. The penalty can be up to ₹5,000, and for small taxpayers with income below ₹5 lakh, it may be ₹1,000.
2. Is there a penalty for not filing GST returns?
2. Is there a penalty for not filing GST returns?
Yes. Under Goods and Services Tax, if GST returns are not filed on time, a late fee of ₹50 per day (₹25 CGST + ₹25 SGST) may apply. For nil returns, the fee is ₹20 per day.
3. What happens if GST registration is not taken when required?
3. What happens if GST registration is not taken when required?
If a business fails to register under GST when required, authorities may impose a penalty of ₹10,000 or 10% of the tax due, whichever is higher.
4. What is the penalty for late filing of TDS returns?
4. What is the penalty for late filing of TDS returns?
Under the Income Tax Act, 1961, late filing of TDS returns may attract a late fee of ₹200 per day until the return is filed. The fee cannot exceed the total TDS amount.
5. What is the penalty for not deducting or paying TDS?
5. What is the penalty for not deducting or paying TDS?
If TDS is not deducted or not deposited on time, interest and penalties may be charged by the Income Tax Department.
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