ITR Penalty for Fuel Dealers
Yes, there are ITR Penalty for Fuel Dealers. The penalty depends on the amount of tax due and the reason for the delay.
If the delay is due to the fault of the fuel dealer, the penalty is 5% of the tax due or ₹20,000, whichever is higher.
If the delay is beyond the control of the fuel dealer, such as a natural disaster, the penalty is 1% of the tax due per month of delay, up to a maximum of 5%.
In addition to the late filing penalty, the fuel dealer may also be liable for interest on the unpaid tax. The interest rate is currently 10% per annum.
The deadline for filing ITR for the financial year 2022-23 is July 31, 2023. If you are a fuel dealer and you miss the deadline, you should file your ITR as soon as possible to avoid the penalties.
Here are some tips for avoiding late filing penalties:
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Start preparing your ITR early.
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Make sure you have all the necessary documents.
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File your ITR online.
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If you are going to be late filing your ITR, request an extension from the Income Tax Department.
To visit: https://www.mca.gov.in/
For further details access our website: https://vibrantfinserv.com