Penalties for Late Filing of Tax Audit
Penalties for Late Filing of Tax Audit: Yes, there are penalties for late filing of TDS returns for printing services.
The penalty is levied under section 271H of the Income Tax Act, 1961. The amount of penalty depends on the delay in filing the return.
- If the return is filed after the due date but within 30 days of the due date, the penalty is Rs. 500.
- If the return is filed after 30 days of the due date but within 60 days of the due date, the penalty is Rs. 1,000.
- If the return is filed after 60 days of the due date, the penalty is Rs. 10,000.
- In addition to the penalty, the printing service provider may also be liable to pay interest on the TDS amount that was not deposited on time. The interest rate is 1% per month.
To visit: https://www.mca.gov.in/
It is important to note that the penalties for late filing of Tax audit are in addition to the late filing fees that are prescribed under section 234E of the Income Tax Act. The late filing fees are as follows:
- Rs. 500 for returns filed after the due date but within 30 days of the due date.
- Rs. 1,000 for returns filed after 30 days of the due date but within 60 days of the due date.
- Rs. 5,000 for returns filed after 60 days of the due date.
- Therefore, the total amount that a printing service provider may have to pay for late filing of TDS returns can be quite high. It is important to file the TDS returns on time to avoid these penalties.
For further details access our website: https://vibrantfinserv.com
