Raipur: Traders Warned of Fiscal 2021-22 Penalties; Final Dates of the Schemes Delivered

Raipur: As the financial year ends, CA Chetan Tarwani, former president of the Income Tax Bar Association and CA Institute Raipur, gives information about the precautions that traders should follow to escape penalty and legal condemnation.

VAT Returns

1. Traders need to file a vat annual return, otherwise ten thousand penalties for vat tax for the first quarter of the financial year 2017-18 i.e., April to June 2017 following which subsequent assessments will be done.

2. If your turnover is more than 25 lakhs from April 2017 to June 2017 before GST came into effect the firms are ordered to audit their VAT and deposit it. A penalty of Rs 10,000 has been issued. 

GST Filing

1.Failure to file the GST annual return for the financial year 2019-20, will yield Rs 200 penalty per day. 

2. If the turnover for the financial year 2019-20 is 5 crore or more, it is mandatory to conduct a GST audit, otherwise a penalty of 25,000 will be levied.

3. If the firms would like to trade for discounts, they are advised to avail GST composition scheme for the financial year 2021-22 active until 31st March.

Income Tax Returns

1. It is mandatory to link the PAN card to the Aadhaar card. A penalty of 10,000 should be paid and the number will be nullified.

2. Deposit the income tax return for the financial year 2019-20 with a late fee by March 31, as the income tax return cannot be deposited thereafter. 

3.  Interest is levied on failure to pay advance income tax for assessment will charge interest after 31st March.

4. TDS return for FY 2021-22 Quarter 1 & Quarter 2 to be filed by March 31 otherwise a fee of ₹200 per day will be charged.

5. The last date of application for availing of the trust scheme is 31st March.