Tax Compliance Services

Consequences For Non Filing Of Returns

A) Late Fees

1) All Returns otherthan Annual Return

A Late Fees of Rs.20 per day of delay is applicable for late filing of NIL Return of GSTR-1,GSTR-3B, GSTR-4, GSTR-5, GSTR-6 return or Rs.50 per day of delay is applicable for late filing of Normal Return subject to the maximum late fees Rs. 5,000.

2) Annual Return

A Late Fees of Rs.200 per day of delay subject to maximum of 0.25% of Turnover.

B) Interest

Every Taxable person who

 i) Makes a GST payment after due date
 ii) Reduces excess Output Tax Liability

 iii) Claims excess Input Tax Credit.

Interest is payable at

 18% if tax paid after due date

 24% if Excess ITC Claimed or excess reduction in Output Tax

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Due Dates for filing of return

Particulars	Due Date
Every person whose accounts need not be audited u/s 44AB other than companies if his total income during the previous year exceeded the maximum amount which is not chargeable to income-tax,	31 July 2018
Every person whose accounts need be audited u/s 44AB and companies	30 September 2018
Working partners of partnership firms whose books of accounts are audited u/s 44AB	30 September 2018
All Assesses who are required to furnish a transfer pricing report u/s 92E	30 November 2018

Due date for payment of Advance Tax

Particulars	Due Dates
15% of Advance Tax	On or Before 15th June
45% of Advance Tax	On or before 15th September
75% of Advance Tax	On or Before 15th December
100% of Advance Tax	On or Before 15th March

Consequences of Non filing of IT Return:

1) Penalty for Late filing:

Section 234F:

a) Total Income Exceeds Rs.5,00,000:

Under Section 234F penalty of Rs.5000 will be applicable for returns filed after the due date of 31st July but before 31st December of the relevant assessment year. In case an income tax return is filed after 31st December, a penalty of Rs.10,000 will be applicable.

b) Total Income Exceeds Rs.5,00,000:

For assesses with a taxable income of upto Rs.500,000, a reduced penalty of Rs.1000 will be applicable.

Section 234A:

Default in the furnishing of the Income Tax Return may attract Interest u/s 234A. If there are any taxes which are unpaid, penal interest @ 1% per month or part thereof will be charged till the date of payment of taxes.

Section 276CC:

The penalty under Section 276CC for late filing of income tax return where the amount of tax payable or evaded is more than Rs.25000 is imprisonment of 6 months to 7 years and a fine. In all other cases prosecuted under Section 276CC, the penalty would be 3 months to 3 years of imprisonment with fine.

2) Losses except loss under the head "Income from house property" can't be carried forward

TDS Filing Due Dates

Period	Due Dates
April to June	31st July
July to September	31st October
October to December	31st January
January to March	31st May

TCS Filing Due Dates

Period	Due Dates
April to June	15th July
July to September	15th October
October to December	15th January
January to March	15th May

Late Filing Fees

Failure to file returns within the due date attract late filing fee of Rs.200 per day subject to maximum fees to pay will be limited to the TDS/TCS amount.

Penalty

A penalty may range between a minimum of Rs.10,000 and a maximum of Rs.1 lakh shall be applicable in case wrong details have been submitted, such as incorrect PAN, incorrect tax amount, etc.
A penalty will not be charged under Section 271H of the Income Tax Act in case TDS/TCS returns are not filed within the due date, provided that the following conditions are applicable:

 The TDS / TCS is paid to the government's credit
 The filing of the TDS/TCS return is done prior to the expiry of 1 year from the due date
 The interest and late filing fees (if any) have been paid to the government's credit

Interest

Under Section 201(1A) of the Income Tax Act, 1961, if tax is not deducted at source, either partly or fully, an interest rate of 1% per month will be applicable from the date on which tax was to be deducted to the date on which it is actually deducted. In case tax has been deducted, and has not been paid either partly or fully, an interest rate of 1.5% per month will be applicable from the date on which tax was deducted to the date on which it was paid.

TDS Payment Due Dates

Month of Deduction	Due Date for Payment to Government
April	7th May
May	7th June
June	7th July
July	7th August
August	7th September
September	7th October
October	7th November
November	7th December
December	7th January
January	7th February
February	7th March
March	7th April (for Govt Deductor) 30th April (for Other Deductor)

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