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Is ther Any Penalt, When You Apply for Income tax, Even After paying GST From 2 years .
My friend took the Gst Registration in Nov 2020 and he Had not apply for income tax till Now ! Is ther any penalty if he apply In 2022 ?
Replies (6)
Not at all but If income is more than taxable limit then there may be chances of notice.
No, there is no such penalty,
If the total income of the individual was less than Rs. 2,50,000 then he was not liable to file an income tax return.
But in case income is above 2.5lakhs as stated above he is required to file return.
Income tax act specifies pan registration for all assesses.There are specific rules for that.
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