ITR Penalties for Restaurants or Hotels Yes, there are ITR penalties for restaurants or hotels if they fail to file their Income Tax Returns (ITR) on time. The penalties vary depending on the amount of tax due and the length of the delay. For individuals, the penalty for late filing of ITR is 5%… Read More »
ITR Filing Without Tax Payment: Filing an Income Tax Return (ITR) is a legal obligation for individuals and entities whose income exceeds the prescribed limit under the Income Tax Act. However, not everyone who files an Income tax return is required to pay tax. Many people believe that filing an Income tax return… Read More »
User Intent Many individuals and businesses want to minimize their tax burden legally. However, they… Read More »
Who Can Sign a Partnership Return? Introduction Filing a partnership return is a crucial aspect of business compliance for partnerships. A partnership is a business arrangement where two or more individuals or entities come together to carry out a business activity and share its profits and losses. Unlike corporations or sole proprietorships, partnerships have… Read More »
Tax compliance Tax compliance refers to the act of adhering to the rules, regulations, and requirements set forth by tax authorities in order to fulfill one’s tax obligations. It involves accurately reporting and disclosing relevant financial information, calculating and paying the appropriate amount of taxes, and submitting the required documentation within specified deadlines. For more… Read More »
What if I do not pay my income tax If you do not pay your income tax, it will be considered as taxes evasion, which is a serious offense under the Income Tax Act in India. If the Income Tax Department finds out about the non-payment of tax, it can take various legal actions against… Read More »