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Penalty for company ITR late filling

ITR Filing 349 views 4 replies
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116 Points Posted on 22 September 2019

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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On 22 September 2019 at 21:05 Report
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17264 Points Posted on 22 September 2019
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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On 22 September 2019 at 21:28
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43 Points Posted on 22 September 2019
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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On 22 September 2019 at 22:16
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17264 Points Posted on 23 September 2019
@ 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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On 23 September 2019 at 00:47
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43 Points Posted on 23 September 2019
@ kapadia pravin thanks for correcting
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On 23 September 2019 at 00:51


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