Are there any penalty ITR latefilling for Computer Sales & Services?

By | August 29, 2023

ITR latefilling for Computer Sales

ITR latefilling for Computer Sales

ITR latefilling for Computer Sales & Services businesses does indeed incur penalties.

The penalty amount varies based on the tax due and the delay period.

πŸ•’ If the filing is delayed up to 30 days, the is 5% of the tax due.
⏳ Beyond the initial 30 days and up to 60 days, the  increases to 10% of the tax due.
βŒ› For subsequent days, aΒ  of 0.5% of the tax due is charged for each day of delay.

Besides the late filing penalty, there’s also potential interest on unpaid taxes, currently at a rate of 10% per annum.

Avoiding these penalties is possible through timely filing. Requesting an extension promptly if needed is advised.

Here are tips to sidestep late filing penalties:

⏰ Begin planning early; don’t procrastinate.
πŸ“‹ Collect all tax documents ASAP.
πŸ’» Employ tax preparation software for ease.
πŸ–₯️ Opt for electronic filing, the fastest method.
πŸ“ Request an extension if more time is required.

Adhering to these suggestions ensures compliance and helps dodge ITR late filing penalties. Stay proactive!

To visit: https://www.mca.gov.in/

ITR Filing Last Date 2023: Only 7 Days Left; File Your Income Tax Return Easily With This Checklist | Personal Finance News | Zee News

 

For further details access our website: https://vibrantfinserv.com

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