ANNUAL RETURN OF COMPOSITION

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A composition dealer failed to file annual returns for the financial years 2017-18 to 2020-21, despite paying taxes on declared turnover. For the voluntary filing years (2017-18 and 2018-19), there are no late fees, and interest only applies if tax payments were delayed. However, for the mandatory filing years (2019-20 and 2020-21), a penalty of up to Rs. 2,000 per year applies for delayed filing, along with late fees of Rs. 200 per day, capped at a quarter percentage of taxable turnover.

MOHD SHAHID

MOHD SHAHID (Querist)
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28 January 2022 Hello, A composition Dealer did not file the Annual Returns from 2017-18 to 2020-21. All Quarters Tax deposited on declared Turnover. What will be the consequences as 2017-18 and 2018-19 was voluntary. whereas, 2019-20 and 2020-21 was mandatory.What amount of late fees, and Interest applicable for later years. and ,mode of deposite, Under DRC or regular challan. Kindly share valuable opinions. With warm regards.

Lekhraj sood

Lekhraj sood (Expert)
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29 January 2022 There is no late fee for non-filing of Annual returns for 17-18 and 18-19 for a composition dealer.INterest comes into picture only if there is delay in payment of tax liability.For 19-20 and 20-21 , the maximum penalty for delay is Rs.2000 per year.

R. B. Yadav (CMA, LLB)

R. B. Yadav (CMA, LLB) (Expert)
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31 January 2022 Late fees for late filling of annual return is 200/- per day for the financial year 19-20 and 20-21 subject to a maximum of an amount calculated at a quarter percentage of turnover of taxable person

MOHD SHAHID

MOHD SHAHID (Querist)
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31 January 2022 Thanks to experts for my query. In case, all years annual returns not filed, what will be the results.

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