The last date for filing an Income Tax Return (ITR) for the financial year 2023-24 was July 31, and for those who could not, the time was for filing a revised ITR with late fees was December 31, but now, the Central Board of Direct Taxes has extended this deadline to January 15.<\/p>\n
As the last date for filing the GST annual return for the financial year 2023-24 is December 31, GST-registered taxpayers will be required to submit it to consolidate their annual transactions.<\/p>\n
For not filing a GST Annual Return (GSTR-9), a company, with a turnover up to Rs 5 crore, will have to pay a maximum penalty of Rs 50 per day (Rs 25 each under CGST and SGST) or 0.04 per cent of turnover.<\/p>\n
A company with a turnover of Rs 5 crore to Rs 20 crore will have to pay a maximum penalty of Rs 100 per day (Rs 50 each under CGST and SGST), or 0.04 per cent of turnover. Similarly, a company with a turnover of over Rs 20 crore will have to pay a maximum penalty of Rs 200 per day (Rs 100 each under CGST and SGST), or 0.50 per cent of turnover.<\/p>\n
A business with a turnover of more than Rs 2 crore will have to file GSTR-9.<\/p>\n
GSTR-9A is for taxpayers under the GST composition scheme. GSTR-9C is for businesses with a turnover of more than Rs 5 crore. An additional annual reconciliation statement is required along with GSTR-9.<\/p>\n
Businesses with multiple GST registrations under one PAN must file separate GSTR-9 returns for each GSTIN.<\/p>\n
Taxpayers who file ITR after the deadline are fined Rs 5,000. For taxpayers with an income less than Rs 5 lakh, this penalty amount is Rs 1,000.<\/p>\n
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)<\/i><\/p>\n
\u200bThe last date for filing an Income Tax Return for the financial year 2023-24 was July 31, and for those who could not, the time was for filing a revised ITR with late fees was December 31, but now, the CBDT has extended this deadline to January 15.\u00a0\u00a0<\/p>","protected":false},"excerpt":{"rendered":"
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