ITR for Sales&Services
Yes, there are Penalty ITR for Sales&Services. The penalty depends on the date of filing the ITR.
If you file your ITR on or before the due date, i.e., July 31, 2023, no penalty will be levied.
If you file your ITR after July 31, 2023, but before December 31, 2023, you will have to pay a penalty of Rs. 5,000.
If you file your ITR after December 31, 2023, you will have to pay a penalty of Rs. 10,000.
However, there is a relief for small taxpayers. If your total income for the financial year 2022-23 is not more than Rs. 5 lakh, the maximum penalty for late filing of ITR will be Rs. 1,000, irrespective of the date of filing.
In addition to the penalty for late filing, you may also have to pay interest on the tax due. The interest rate is 1% per month or part of a month. The interest will start from the date immediately after the due date, i.e., August 1, 2023.
To visit: https://www.incometax.gov.in
For further details access our website: https://vibrantfinserv.com