In the midst of the hustle and bustle, there are lapses while filing income tax returns and often people forget to sign the document. But now if you forget to sign, you will have to pay five times the daily fine. The new provision is effective from April 1.
Missing the signature on a document is a human error, but the Income Tax Department considers it to be a deliberate act, that is why it imposes a penalty on it.
Now the Income Tax Department is going to increase this penalty five times on a daily basis. It has been proposed in the budget and is to be implemented from April 1.
In the midst of the hustle and bustle of business, reconciliation of accounts and the worry of filing Goods and Service Tax (GST) and Income Tax returns, it is common to miss a signature. Many times the businessman himself is free to sign in haste, sometimes the signature is missed due to sticking of the pages.
In most government departments, the signatories are called again to sign this mistake, but the Income Tax Department used to impose a fine of Rs 100 per day on the taxpayer for this.
According to tax consultant Santosh Kumar Gupta, these are the provisions of penalty under section 272A of the Income Tax Act. Now it is being amended in the budget. In this, there is a plan to increase the amount of fine by five times and impose a fine of Rs 500 per day. It is to be implemented from April 1.
Not only this, this penalty is also imposed on the taxpayer not giving his answer to the question of the Income Tax Department, not giving the details asked for and refusing to inspect. It has also been proposed to increase the fine from Rs 100 per day to Rs 500 per day. Its burden will start falling on the traders, which will affect the business.
