There are no specific penalties for printing services if they fail to file their ITR on time.
However, the printing service may be liable for penalties if they fail to file the ITR of their clients on time.
The penalties for late filing of ITR are as follows:
- Up to Rs. 5,000 for individuals and HUFs if the return is filed after the due date but before December 31 of the assessment year.
- Up to Rs. 10,000 for individuals and HUFs if the return is filed after December 31 of the assessment year.
- Up to Rs. 1,000 for companies if the return is filed after the due date but before December 31 of the assessment year.
- Up to Rs. 2,000 for companies if the return is filed after December 31 of the assessment year.
To visit: https://www.incometax.gov.in
In addition to the penalties for printing services, the printing service may also be liable for interest on the unpaid taxes. The interest rate is 1% per month or part of a month on the unpaid taxes.
The printing service may also be liable for prosecution if they willfully fail to file the ITR of their clients. The penalties for prosecution include imprisonment for a term of up to three months or a fine of up to Rs. 2,000, or both.
For further details access our website: https://vibrantfinserv.com