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Transcript

How is Late fees Calculated? Example Return for Jan Due Date 20 Feb Return Filed on 26 Feb Days Late = 6 1 Jan 31 Jan 20 feb 26 feb Late fees Calculated @ 50/ Day if Output Or 20/ Day if No Output Late fees Calculated @ 50/ Day if Output Or 20/ Day if No Output Case 1 Output Case 2 Case 3 Input GST Payable GST Credit 1000 1000 0 600 1100 5000 400 0 0 100 5000 Late fees Late fees Late fees 50/ Day 50/ Day 20/ Day Case 4 0 0 0 0 Late fees 20/ Day

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 10 years. He also provides Accounts Tax GST Training in Delhi and Pune.