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 »
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 »
Penalty ITR Late Filling for Traders Penalty ITR late filling for Traders yes ,Late filing of ITR (income tax returns) by traders and stores does incur penalties as per Section 234F of the Income Tax Act, 1961. For traders and stores, the penalty for late ITR filing is Rs. 5,000. However, there’s a concession… Read More »