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.
🕒 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.
⌛ For subsequent days, a 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.
📋 Collect all tax documents ASAP.
💻 Employ tax preparation software for ease.
🖥️ Opt for electronic filing, the fastest method.
📝 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/
For further details access our website: https://vibrantfinserv.com