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What is the interest and penalty for Non payment of Vat and non filing of return under TN VAT?
Belated submission of TNVAT Return will attract interest at one and a quarter per cent of the tax payable for every month or part thereof under section 42(4) of the Tamil Nadu Value Added Tax Act 2006. If no return is submitted by the dealer for any period of the year or if the return filed is incomplete or incorrect, or if not accompanied with any of the documents prescribed or proof of payment of tax, the dealer will be directed to pay by way of penalty, a sum which shall be one hundred and fifty percent of the difference of tax assessed and the tax already paid as per the return under Section 22(4) and 22(5) of the Tamil Nadu Value Added Tax Act, 2006.Reply from:
ABHIVIRTHI Tax and Industrial Consultancy
R.R.JAGADEESAN
VAT PRACTITIONER AND INDUSTRIAL CONSULTANT
H-63, PALAAMI ENCLAVE
NEW NATHAM ROAD
MADURAI-625014
CELL: 9994990599
What else can I help you with?
What is penalty for unauthorized signing of corporate federal tax return?
No penalty..but the return may be considered incomplete and not filed...which could cause late filing penalties and interest to be charged.
What is the penalty for double filing income taxes?
Not sure there is a penalty. However, it could tie up your tax return for a while until the IRS straightens it out. May have to refile a corrected tax return.
I have unfiled tax returns, what can I do?
Filing a past due return may not be as difficult as you think. Taxpayers should file all tax returns that are due, regardless of whether or not full payment can be made with the return. Depending on an individual's circumstances, a taxpayer filing late may qualify for a payment plan. All payment plans require continued compliance with all filing and payment responsibilities after the plan is approved. However, full payment of taxes saves you money.
Any grace period for paying taxes?
For federal taxes, penalties and interest start accumulating on April 16. But the IRS does not send bills for trivial amounts. Even if you cannot pay the full amount (or cannot pay at all), get your return filed by April 15. (Or at least get an extension filed by April 15 and file the return by October 15 whether you can pay or not.) The penalty for not filing on time is TEN TIMES as much as the penalty for not paying but filing on time.
What is the penalty for filing a late tax return?
Usually none if you don't owe-otherwise there could be late fees tacked on.
What is penalty for unauthorized signing of corporate federal tax return?
No penalty..but the return may be considered incomplete and not filed...which could cause late filing penalties and interest to be charged.
Not filing for income taxes?
Not filing your income taxes will have you facing a penalty by the IRS. According to legal zoom: "Well, you end up paying a penalty on the amount you owe at 5% per month (4.5 % for not filing and 0.5% for not paying). The total penalty for failure to file and pay can eventually add up to 47.5% (22.5% late filing, 25% late payment) of the tax owed. Interest, compounded daily, is also charged on any unpaid tax from the due date of the return until the date of payment" http://www.legalzoom.com/taxes/personal-taxes/what-are-penalties
What happens when you do late TDS Filing?
In the case where you do not file the TDS Return within the prescribed timeline, you will be subject to penalty imposition under Section 234E of the Indian Income Tax Act. Consequently, Rs 200 will be imposed on you for each day delayed in the filing. However, in the matter where you do not file a TDS Return, a penalty of Rs 10,000 can be imposed on you, which can extend up to Rs. 1,00,000, along with the late filing fee. Moreover, not just non-filing but filing an incorrect TDS/TCS return can also result in penalties. However, if you can demonstrate that you have paid the due taxes, late filing fees, and any applicable interest to the government, and you have filed the return within one year from the due date, you will not incur penalties for delayed filing.
What is the penalty for double filing income taxes?
Not sure there is a penalty. However, it could tie up your tax return for a while until the IRS straightens it out. May have to refile a corrected tax return.
I have unfiled tax returns, what can I do?
Filing a past due return may not be as difficult as you think. Taxpayers should file all tax returns that are due, regardless of whether or not full payment can be made with the return. Depending on an individual's circumstances, a taxpayer filing late may qualify for a payment plan. All payment plans require continued compliance with all filing and payment responsibilities after the plan is approved. However, full payment of taxes saves you money.
Any grace period for paying taxes?
For federal taxes, penalties and interest start accumulating on April 16. But the IRS does not send bills for trivial amounts. Even if you cannot pay the full amount (or cannot pay at all), get your return filed by April 15. (Or at least get an extension filed by April 15 and file the return by October 15 whether you can pay or not.) The penalty for not filing on time is TEN TIMES as much as the penalty for not paying but filing on time.
What is the penatly for not filing a state tax return?
First, it's criminal and people can and do go to jail for it. The penalty, which varies from State to State, generally would be a 100% negligence penalty PLUS all interest charges until collected. Obviously, you would be a suspect taxpayer and likey subject to scruitiny regularly. Also, understand there is no statute of limitations for unfiled returns. The SOL only starts (generally runs for 3 years or so), from the filing of a return.
What is the penalty for filing a late tax return?
Usually none if you don't owe-otherwise there could be late fees tacked on.
What do I do if I missed the October 15 deadline for filing my taxes?
You are still required to file your return even if you missed the last deadline. I suggest that you file the return as soon as possible. If you owe additional taxes, you will be penalized and will pay interest on what you owe for not filing in a timely manner but it will only get worse. The penalties and interest are not too bad with interest rates as low as they are now. Even if you can't pay all that is due you still can stop some of the penalties by filing now. If you do not owe additional taxes you will not even have a penalty after October 15th. If you don't file the return the IRS will have no choice but to use the information they have on file to file the return for you. This means it will be filed as Single with dependents and no deductions. If you file it will probably be better than what they file in your place.
What happens if you file tax return without sending payment?
After the due date passes, penalties and interest will be added to the unpaid taxes. For federal income taxes, the interest rate is currently 4% annually, but the interest rate is adjusted every quarter. The penalty is 0.5% per month for each whole or partial month. Even if you can't pay your taxes, it is better to file your tax return on time. If you don't file your tax return on time, the penalty increases from 0.5% per month to 5.0% per month. Each state sets its own interest and penalties.
Will you get a return if you owe the IRS?
You will file a return. You will not get a refund (which is a refund of your overpayment) if you owe more than you have paid in through withholding and such - which is waht your payment is for - to make up for what you should have pre-paid. Depending on the amount of the underpayment and other factors, it is possible you will also owe a penalty and interest on that underpayment.
When is the last day for filling taxes for 2013?
If you mean for filing your return for income earned in 2012 the normal date would be April 15, 2013 unless you file an extension which gives you until October 15, 2013. Remember that the extension is only an extension to file and not an extension to pay any taxes that may be due. If you do not pay the taxes due then interest and penalties for non-payment of taxes will be assessed. If you don't file your taxes or an extension by April 15, 2013 then you will be assessed penalties and interest for non-payment of taxes and for non-filing of the return on a timely manner.
