ITR Filling Penalties
ITR Filling Penalties Yes, there are penalties for physiotherapists if they fail to file their ITR on time. The penalties for late filing of ITR vary depending on the amount of tax due and the reason for the delay.
The following are the ITR Filling Penalties for physiotherapists:
- If the tax due is less than Rs. 5,000, the penalty is Rs. 500.
- If the tax due is more than Rs. 5,000, the penalty is Rs. 1,000 plus 0.5% of the tax due for every month or part of a month that the return is delayed.
- If the physiotherapist fails to file the ITR willfully, they may be liable to a penalty of up to 200% of the tax due.
In addition to the penalties mentioned above, the physiotherapist may also be denied certain benefits, such as availing of a loan or a government scheme.
It is important for physiotherapists to file their ITR on time to avoid any penalties. If they are unable to file their ITR on time, they should contact the tax authorities as soon as possible to request an extension.
Here are some tips for physiotherapists to avoid penalties for late filing of ITR:
1. File your ITR on time:
The due date for filing the ITR for the financial year 2022-23 is 31st July 2023.
2. Keep good records of your income and expenses:
This will make it easier to prepare your ITR.
3. Use a tax software program:
There are many tax software programs available that can help you to prepare your ITR quickly and easily.
4. Get help from a tax professional:
If you are not comfortable preparing your ITR yourself, you can hire a tax professional to do it for you.
To visit: https://www.incometax.gov.in
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