Failing to meet the deadline for submitting a Tax Compliance for Hotels – lodging, motels, and resorts sector comes with its financial repercussions.
A late filing incurs a penalty of Rs. 1000 per month or fraction thereof, accumulating up to a cap of Rs. 5000.
This is a significant consideration as the tax audit report should ideally be filed by the 31st of October in the subsequent assessment year.
If circumstances warrant an extension, taxpayers can request an extension of up to 3 months. However, it’s important to note that even for an extension request, delay carries a cost; a penalty of Rs. 500 is imposed for filing the extension request after the stipulated date.
To simplify, the penalties can be summarized as follows:
- Late submission of tax audit report: Rs. 1000 per month, or part thereof (capped at Rs. 5000).
- Late filing of extension request: Penalty of Rs. 500.
For further details access our website: https://www.incometax.gov.in
For further details access our website: https://vibrantfinserv.com