Is ther Any Penalt, When You Apply for Income tax, Even After paying GST From 2 years .

13 June 2022

My friend took the Gst Registration in Nov 2020 and he Had not apply for income tax till Now ! Is ther any penalty if he apply In 2022 ?

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6 Replies

CA Rashmi Gandhi (Chartered Accountant) (86308 Points)
Replied 13 June 2022

Not at all but If income is more than taxable limit then there may be chances of notice.

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CA Puja Sharma (Chartered Accountant) (4984 Points)
Replied 13 June 2022

No, there is no such penalty,

If the total income of the individual was less than Rs. 2,50,000 then he was not liable to file an income tax return.

1 Like

CA Rashmi Gandhi (Chartered Accountant) (86308 Points)
Replied 13 June 2022

But in case income is above 2.5lakhs as stated above he is required to file return.

1 Like

sabyasachi mukherjee (27264 Points)
Replied 14 June 2022

Income tax act specifies pan registration for all assesses.There are specific rules for that.

CA Rashmi Gandhi (Chartered Accountant) (86308 Points)
Replied 14 June 2022

What you want to say?????

sabyasachi mukherjee (27264 Points)
Replied 15 June 2022

Explain what is your objection?

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