ITR for Computer Sales & Services
ITR for Computer Sales & Services is July 31 of the assessment year. For example, the due date for filing ITR for the financial year 2022-23 is July 31, 2023.
However, there are some taxpayers who are allowed to file their ITRs after the due date. These taxpayers include:
- Taxpayers who have income below the taxable limit
- Taxpayers who are filing their ITR for the first time
- Taxpayers who are unable to file their ITR on time due to a genuine reason
- Taxpayers who fall under any of these categories can file their ITRs on or before September 30 of the assessment year without any penalty. However, taxpayers who file their ITRs after September 30 will have to pay a penalty.
The penalty for late filing of ITR is 0.5% of the tax liability for every month of delay, up to a maximum of 5%. For example, if a taxpayer’s tax liability is Rs. 10,000 and they file their ITR 2 months late, they will have to pay a penalty of Rs. 100.
It is important to note that the due date of ITR may vary depending on the taxpayer’s circumstances. For more information, you can consult with a tax advisor.
To visit: https://www.mca.gov.in/
For further details access our website: https://vibrantfinserv.com