Penalty for company ITR late filling


Life2014 (Professional)     22 September 2019

Life2014
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I want to know about penalties that are applicable for private company in case of delay in filling ITR return. Please mention the penalties as per IT act and companies act. Thank you.

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Kapadia Pravin   22 September 2019

Kapadia Pravin

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Penalty for ITR late filing
Rs 1000 for taxable income upto 5 lakhs
Rs 5000 for taxable income >5 lakhs ( upto 31-12-2019)
Rs 10000 for taxable income >5 lakhs ( upto 31-o3-2020

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kulpreet saluja   22 September 2019

kulpreet saluja

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For Tax Audits and ITR late filing Rs 150000 or 0.1% of the turnover whichever is higher has to be paid

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Kapadia Pravin   23 September 2019

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@ kulpreet
There is no mention of tax audit in the query.

corrections in your reply it is 0.50% and not 0.1% -and- 150000/- whichever is lower ( (not higher)

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kulpreet saluja   23 September 2019

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@ kapadia pravin thanks for correcting


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