Penalty for not filing ITR on time
Yes, there are penalties for interior designers in India if they fail to file their ITR on time. The penalties depend on the amount of time the ITR is late and the total income of the interior designer.
The followings are the penalties for late filing of ITR in India:
1. If the ITR is filed after the due date but within three months, a penalty of Rs. 500 will be levied.
2. If the ITR is filed after three months but within six months, a penalty of Rs. 1000 will be levied.
3. If the ITR is filed after six months, a penalty of Rs. 5000 will be levied.
To visit: https://www.incometax.gov.in
In addition to the above penalties, the interior designer may also be liable to pay interest on the outstanding tax. The interest rate is 1% per month or part of a month on the outstanding tax.
The penalties for late filing of ITR are also applicable to interior designers who have a total income of less than Rs. 5 lakh. However, the maximum penalty for these interior designers is Rs. 1000.
If an interior designer willfully fails to file their ITR, they may also be liable to face prosecution by the Income Tax Department. The prosecution may result in imprisonment for a term of three months to two years, along with a fine.
It is important for interior designers to file their ITR on time to avoid the above penalties. They can file their ITRs online or through a tax consultant.
Here are some tips for interior designers to file their ITRs on time:
1. Start preparing your ITR early.
2. Gather all the necessary documents, such as your income and expenses.
3. Use a reliable tax filing software or a tax consultant.
4. File your ITR on time.