#LateFilingConsequences Archives - Knowledge Base

ITR Penalty for Fuel Dealers

ITR Penalty for Fuel Dealers Yes, there are ITR Penalty for Fuel Dealers. The penalty depends on the amount of tax due and the reason for the delay. If the delay is due to the fault of the fuel dealer, the penalty is 5% of the tax due or ₹20,000, whichever is higher. If the… Read More »

Are there any penalty of late filling for tax audit?

The penalty and due date of the tax audit report

Tax Audit Penalty Tax Audit Penalty Indeed, here’s a unique response to your question about penalties for late filing of a tax audit: Absolutely, there are indeed penalties associated with the tardy submission of a tax audit report. The penalty amount is determined by selecting the lesser of the two following calculations: 0.5% of the total… Read More »