# penalties
13 posts in `penalties` tag
No Penalties Not Reporting Interest Tax Refunds
The ITAT bench emphasized in their judgment that the interest portion of the refund should not be evaluated until it is actually received.
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By Krishna
Consequences Failing File Audit Report Tax Penalties Late Fees
It is important to note that although Section 139 of the Act has been extended until 30th November 2023, which is one month after the original deadline, you should aim to file your taxes by 31st October 2023. Filing late can result in a late fee of Rs 5000.
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By Krishna
Itr Filing Last Date 2023 what happens if you miss tax return deadline
Today is the last date to file Income Tax Returns: The IT department advised taxpayers to file their tax returns before the deadline ends to avoid penalties and other consequences.
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By Krishna
Itr Filing Income Tax Department penalties up to 200 percent
Salaried individuals have been under scrutiny for submitting false or incorrect ITRs. The tax department is actively identifying and flagging such returns that involve fake rent receipts or false donation claims.
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By Krishna
Consequences of Late Income Tax Return Filing: Understanding the Implications
To avoid such penalties and fees, it's advisable to file your returns promptly, preferably before the July 31 deadline. Once all your data is ready, don't delay in filing. Understanding the costs and consequences of late tax return filing is essential to maintain compliance and financial well-being.
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By Krishna
Beware of Mistakes in ITR Filing: Avoid Problems with Incorrect Deductions and Exemptions in Tax Returns
To rectify any errors in your income tax return, you can file a revised return as per Section 139(5) of the Income Tax Act. However, it's important to note that the revised return can only be filed within three months before the end of the relevant assessment year.
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By Krishna
Revenue Secretary Confirms: No Extension for Filing Income Tax Returns Deadline
Sanjay Malhotra-Revenue Secretary: Advised taxpayers not to wait for the extension ITR filing deadline which is 31st July 2023. Ensure to file your tax returns as early as possible.
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By Krishna
ITR Filing Deadline Approaching: Avoid Last-Minute Rush, Act Now
Taxpayers who file their tax returns early of the provided deadline will be more chances of receiving early refunds. On the other side, those who file their returns late receive refunds lately as the income tax department gets a large data to process at once in the last few days of the ITR filing Deadline.
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By Krishna
Incorrect Deductions and Exemptions in ITR: Understanding the Consequences and Avoiding Serious Penalties
It is essential to exercise utmost care and accuracy when reporting income and claiming deductions in your ITR. Misrepresentation or wrongful claims can result in severe penalties and legal implications. Compliance with tax regulations is of paramount importance to ensure a fair and transparent tax system.
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By Krishna
Key Deadlines in July 2023: ITR Filing, EPFO Pension, and TDS
Whether you are an individual taxpayer, a pension beneficiary, or an employer, staying informed about these deadlines will help you navigate the financial landscape smoothly and stay on the right side of the law.
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By Krishna
Advance Tax payment due dates applicability procedure installment details
Advance Tax Payment is a crucial aspect of income tax compliance in many countries, including India. It requires taxpayers to pay their tax liability in installments throughout the financial year, rather than in a lump sum at the end. This ensures timely revenue collection for the government and helps taxpayers manage their tax obligations effectively. This article will take you through the due dates, applicability, procedure, etc. So, Read on to know more…
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By Krishna
Gujarat AAR No GST Exemption On Accommodation To Pilgrims Outside Religious Places By Charitable Trust
A charitable trust providing accommodation to pilgrims visiting Ambaji Temple in a building outside the religious place's boundary will not get GST exemption, rules Gujarat’s Authority for Advance Rulings (GAAR).
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By Krishna
Relief By Waiver Of Late Fee For Delay
Relief By Waiver Of Late Fee For Delay In Furnishing Outward Statement In FORM GSTR-1 For Tax Periods For Months From March, 2020 To June, 2020.
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By Krishna