There are penalties for textile traders if they fail to file their ITR on time. The penalties are as follows:
1. 5% of the tax due, Or Rs. 2,000, whichever is higher. This is the penalty for late filing of the return.
2. 5% of the tax due, and a late payment interest of 1% per month on the unpaid tax until the tax is paid in full. This is the penalty for late payment of the tax.
3. The penalties are applicable to all textile traders, regardless of their income or turnover. However, the penalties may be waived if the taxpayer can show that there was a reasonable cause for the late filing or payment.
It is important to note that the penalties for late filing and late payment of taxes can be significant. Textile traders should therefore make sure to file their ITRs on time and pay their taxes in full. ITR Deadline for Textile and Clothes Traders
To visit: https://www.incometax.gov.in
Here are some tips for avoiding penalties for late filing of ITR:
- Start preparing your return early.
- Gather all the necessary documents.
- Use a reliable tax software.
- File your return online.
- Pay your taxes on time.
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