PENALTY FOR LATE FILING OF RETURN.
A couple of days back, in response to query raised on the above subject, i had replied on the interest and penalty leviable for delayed filing of return. Notification has since come relating to delay in filing of annual return. It is as under-
Whereas late fee for delay in filing Annual Return wiil be levied under Section 47(2). Act sepecifically provides that delay in filing Annual Return could attract late fee of
> Lower of the following:
> Rs.200/- per day ( Rs. 100 CGST and Rs.100/- SGST when such failure continues
> 25% calculated on the Turnover in the State or Union Territory. more
Whereas late fee for delay in filing Annual Return wiil be levied under Section 47(2). Act sepecifically provides that delay in filing Annual Return could attract late fee of
> Lower of the following:
> Rs.200/- per day ( Rs. 100 CGST and Rs.100/- SGST when such failure continues
> 25% calculated on the Turnover in the State or Union Territory. more
Viewed by 619
Tax team and Penalty - definitely something is going wrong! Is there any discipline with government departments... most of the MSME business in India is facing problems of several kind... no one to listen to that! Mera Bharath Mahan! more
May 30
Please be rational. If a business has nil return what is the purpose of penalty when there is no loss to exchequer? more
May 29
I am assuming late fee/penalty will be assessed only if a tax-payer owed taxes, and interest as well on the amount owed. If no tax liability, wonder why a taxpayer should be penalized. more
May 29
