Yes, there are penalties for Grocery & Merchandise Stores if they fail to file their ITR on time. The penalties are as follows:
1. Late filing penalty:
A penalty of Rs. 500 per day for every day of delay, up to a maximum of Rs. 5,000.
3. Prosecution:
The Income Tax Department can initiate prosecution proceedings against the store if it fails to file its ITR even after being issued a notice. The penalty for prosecution can be imprisonment for up to two years, along with a fine.
4. Interest:
The store will also have to pay interest on the tax due, at the rate of 1% per month.
The penaltie for late filing of ITR are applicable to all taxpayers, including Grocery & Merchandise Stores. It is important for these stores to file their ITRs on time to avoid the penalties.
To visit: https://www.mca.gov.in/
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