Investigating The Penalty Structure For Late Filing Of ITR

The Income Tax expert of India had set 31st August 2018 as the last date for documenting salary expense form relating to budgetary year 2017-18 for all evaluates separated from those abode in Kerala without confronting heavy punishments.

In this manner, you can expect a stringent demand which can extend up to 10000 INR on the off chance that you record your profits post 31st August midnight. Be that as it may, this won’t influence evaluates who don’t cling to the due dates if their pay falls beneath the base assessable limit.

Penalty for Late Filing ITR:

  1. The fine has been settled at 5000 INR for surveys who document the arrival post due date of 31st August yet either at the very latest 31st December of the significant appraisal year which is 31st December for this situation.
  2. The fine will climb to 10000 INR on the arrival being recorded before the finish of the important evaluation year i.e. 31st March 2018 for this situation however after 31st

Citizens, whose gross aggregate pay falls beneath 5 lakh INR will be at risk to pay the most extreme punishment measure of 1000 INR as it were. Area 234F which embroils laws relating to imposing late documenting expenses was presented following an alteration in Budget 2017 and wound up powerful from 2018-19 appraisal year onwards.

penalty for late filing ITRIn this note appraisal year alludes to the year which quickly pursues an important money related year with respect to which an ITR has been documented. In this manner, the evaluation year for 2017-18 money related year is 2018-19.

A case of an occupant singular having a place with under 60 years old, is taken for clarifying this entire situation. It is expected that he acquires 1.5 lakh INR on long haul capital increases emerging out of closeout of value shares alongside intrigue salary of another 1.5 lakh INR in a money related year. Additions emerging out of closeout of value situated common reserve or value shares in the wake of being held for a range going over a year have been kept totally absolved from the domain of tax collection in 2017-18 FY. Consequently, the aggregate salary of this assessee will be taken as 3 lakh INR and he will be at risk to pay punishment as talked about above as per the arrangements of 234F on documenting late return.

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Guide to File GSTR-8 on GST Portal

Any e-commerce operator that must collect taxes at the source (TCS) for all supplies subject to taxes made through it, must submit the GSTR 8. The details of such supplies subject to taxes and the tax levied at the source by The e-commerce operator must be informed on the GSTR-8 form. The return on Form GSTR-8 must be submitted on the GST Portal before the 10th of the following month.

Here is the step-by-step guide to filing GSTR-8 on GST portal :

GSTR-8

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GST Annual return and Audit

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9 Questions on GST Annual return and Audit

[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_tta_accordion style=”modern” spacing=”3″ gap=”3″ c_icon=”triangle” active_section=”0″ no_fill=”true” collapsible_all=”true”][vc_tta_section title=”What are the legal provisions for the annual declaration and the GST audit?” tab_id=”1544163577148-5adeb363-b93e”][vc_column_text]The legal requirement to present the annual declaration hereinafter referred to as GSTR-9 is governed by section 35 (5) and section 44 (1) of the CGST Act. Section 44 (1) of the CGST Act, read with Rule 80 (1) of the CGST Rules, requires that each registered person who is not

  • an Input Service Distributor,
  • a person paying tax under section 51 (TDS) or section 52 (TCS),
  • a casual taxable person and
  • a non-resident taxable person,

You must file an annual return for each financial year in electronic form on Form GSTR-9 on or before December 31 following the end of that financial year. In addition, according to section 35 (5) of the CGST Act, any registered person whose turnover during a fiscal year exceeds the prescribed limit (Rs. 2 cr.) Will have their accounts audited by an authorized accountant or accountant. costs and submit a copy of the audited annual accounts, the conciliation status (GSTR-9C) under subsection (2) of section 44 and any other document in the form and manner prescribed. Reconciliation statement: GSTR-9C is a reconciliation of data according to the account and data books as reported in GSTR-9[/vc_column_text][/vc_tta_section][vc_tta_section title=”Whether transactions for the period April-17 to June-17 are also to be included in GSTR-9 for FY 2017-18? ” tab_id=”1544163577149-0250a3a2-88ca”][vc_column_text]No, the instructions that are part of the GSTR-9, which were notified by Notification No. 39/2018 dated September 4, 2018, clearly mention that only the details of the period from July 2017 to March 2018 will be provided. in the GSTR-9.[/vc_column_text][/vc_tta_section][vc_tta_section title=”If a Taxpayer has obtained more than one GST Registration even though he has a single PAN, then whether GSTR-9 is to be filed at Entity level or GSTIN wise? ” tab_id=”1544163805488-fa91ac3c-9c53″][vc_column_text]In accordance with the statutory provision of Section 44 (1) of the CGST Act, each registered person must submit the GSTR-9. Therefore, if a Taxpayer has obtained multiple GST Registrations, either in one state or in more than one state, it will be treated as a separate person with respect to each such record according to section 25 (4) of the CGST Law Therefore, it is required that GSTR-9 be presented separately for each GSTIN.[/vc_column_text][/vc_tta_section][vc_tta_section title=”What is the difference between GSTR-9 and GSTR-9C? ” tab_id=”1544163874446-e1054f17-3295″][vc_column_text]In accordance with section 35 (5) of the CGST Act, any registered person whose turnover during the financial year exceeds the prescribed limit (Rs.2 cr.) Must obtain their audited accounts by an authorized accountant or a cost accountant and must present a copy of the audited annual accounts, the conciliation declaration under subsection (2) of section 44 that is called GSTR-9C and any other document in the form and form prescribed. Therefore, the GST Audit u / s 35 (5) requirement would arise only if the prescribed rotation limit exceeds Rs. 2 cr. and the certified conciliation statement -GSTR-9C must be presented. On the other hand, GSTR-9 is an annual declaration that must be presented by each registered person, regardless of the volume limit of business.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Whether Turnover of 2 Cr. For GST Audit would be for 9 months or Full Financial year? ” tab_id=”1544163936103-ada7c347-11d6″][vc_column_text]For fiscal year 2017-18, the GST period comprises 9 months, while the relevant section 35 (5) uses the term Financial year; Therefore, in the absence of clarification by the government, also to avoid any case of non-compliance, it is reasonable to understand that the rotation limits prescribed for the audit are taken into account, ie 2 Cr. One has to calculate the volume of the entire financial year, which would include the first quarter of the 2017-18 fiscal year.[/vc_column_text][/vc_tta_section][vc_tta_section title=”What will be source of information for filling up GSTR-9? ” tab_id=”1544164017208-b504d6e4-8b64″][vc_column_text]GSTR-9 is simply a compilation of archived data in GSTR-3B and GSTR-1. According to the instructions in the GSTR-9 form, it is stated that the information of the outgoing supplies “may” be derived from the GSTR Form 1. Therefore, with regard to outgoing supplies and taxes payable in the annual return , the same is to be extracted from the GSTR 1 Form only. The entry supplies, the entry tax credit and the net tax paid in cash must be obtained from the GSTR 3B Form. But before presenting GSTR-9, the value according to GSTR-3B and GSTR-1 must be aligned. If there is a difference, then it must be adjusted to the subsequent declarations submitted until September 18 according to circular 26/26/2017-GST dated December 29, 2017.

 

It seems that the inherent assumption that was made when drafting the Form is that the GSTR Form 3B and the GSTR Form 1 are in tune with each other, which may not always be true. In the event that the values according to the Form GSTR 3B and GSTR 1 do not coincide with each other, a differential value of the tax payable and the tax paid according to the annual declaration can be reached. You can expect clarification from the government regarding the form of payment of any additional liability (if applicable). However, if faced with a situation of this type, the additional tax liability can be paid through Form GSTR 3B of the subsequent month / Form DRC-03.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Whether GSTR-9 can be revised? ” tab_id=”1544164082474-26fd2abb-4490″][vc_column_text]No such option has been provided in the law till now.[/vc_column_text][/vc_tta_section][vc_tta_section title=”How much late fee is payable for late filing of GSTR-9? ” tab_id=”1544164127070-e1c72729-d383″][vc_column_text]According to section 47 (2) of the CGST Act, the late fee for the late filing of GSTR-9 is Rs.100 per day, subject to a maximum of 0.25% of the billing in a state / UT. A similar provision is also there in the SGST Law. Therefore, in total there will be a surcharge of Rs.200 per day subject to 0.50% of the turnover in a statement on the late submission of GSTR-9.[/vc_column_text][/vc_tta_section][vc_tta_section title=”What are the consequences of the failure to file GSTR-9? ” tab_id=”1544164225175-ebcab7ee-ada2″][vc_column_text]If one fails to file GSTR-9 then first late fees will be payable as discussed above. A notice may be issued u/s 46 requiring him to furnish such return within stipulated time.[/vc_column_text][/vc_tta_section][/vc_tta_accordion][/vc_column][/vc_row]