Penalty for Not Filing Tax Audit Report for Artist
Yes, there is a penalty for not filing a tax audit report for an artist. The penalty depends on the amount of tax that is due and the reason for not filing the report.
If the artist does not file the tax audit report and the amount of tax due is less than Rs. 1 lakh, the penalty is Rs. 10,000.
If the amount of tax due is more than Rs. 1 lakh but less than Rs. 5 lakh, the penalty is Rs. 25,000.
If the amount of tax due is more than Rs. 5 lakh, the penalty is Rs. 50,000.
In addition to the penalty, the artist may also be subject to interest and other penalties.
The artist can avoid the penalty by filing the tax audit report on time. If the artist is unable to file the report on time, they should apply for an extension from the Income Tax Department.
Here are some also additional things to keep in mind:
- The penalty for not filing a tax audit report may change from year to year. Artists should always check with the Income Tax Department to ensure that they are aware of the latest penalties.
- Artists who are self-employed and have a turnover of more than Rs. 25 crores are required to get their accounts audited by a chartered accountant. They should consult with a chartered accountant to ensure that they are complying with the relevant tax laws.
- Artists who are not sure whether they are required to get their accounts audited or who need help filing their taxes should consult with a tax advisor. A tax advisor can help artists understand their tax obligations and file their taxes correctly.
To visit: https://www.mca.gov.in/
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