ITR Late Filling for Fuel Dealers
Yes, there are penalties for ITR late filling for fuel dealers. The penalties vary depending on the amount of tax due and the reason for the delay.
1. Penalty for late filing without reasonable cause:
If a fuel dealer files their ITR after the due date without a reasonable cause, they will be liable to pay a penalty of ₹5000 or 1% of the tax due, whichever is higher.
2. Penalty for late filing with reasonable cause:
If a fuel dealer files their ITR after the due date with a reasonable cause, such as illness or natural disaster, they will be liable to pay a penalty of ₹1000 or 0.5% of the tax due, whichever is higher.
3. Penalty for non-filing of ITR:
If a fuel dealer does not file their ITR by the due date, they will be liable to pay a penalty of ₹50000 or 5% of the tax due, whichever is higher.
The penalties for late filing of ITR can be waived if the fuel dealer can show that they had a reasonable cause for the delay. However, the onus of proof is on the fuel dealer to show that they had a reasonable cause.
It is important for fuel dealers to file their ITR on time to avoid penalties. They should also keep good records of their income and expenses in case they need to file their ITR late with a reasonable cause.
Here are some tips for avoiding penalties for late filing of ITR:
- File your ITR on time.
- Keep good record of your income and expenses.
- If you are going to file your ITR late, have a reasonable cause and keep the supporting documents ready.
- Consult with a tax advisor if you have any questions about the ITR filing process.
To visit: https://www.mca.gov.in/
For further details access our website: https://vibrantfinserv.com