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TAR LATE FILING PENALTY
TAR LATE FILING PENALTY
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If a taxpayer who is liable to get a tax audit done but defaults in doing so, a penalty is charged on the taxpayer. The penalty that is levied on him or her is of the following: 0.5% of the total sales or gross receipts or turnover. Rs 1,50,000
Tq sir, compalsary or
On demand from department
It can be waived if reasonable cause is shown
One has to keep in mind the penal provisions and file the TAR and ITRs on time
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