Quick Answer: What Happens If Service Tax Return Is Not Filed?

What is a reasonable excuse for late tax return?

A reasonable excuse is something that stopped you meeting a tax obligation that you took reasonable care to meet, for example; Your partner or close relative passes away just before the filing deadline.

You are diagnosed with a serious illness..

Can nil return be filed after due date?

Effective from the financial year 2017-18, a late filing fee will be applicable for filing your returns after the due date i.e. 31 August 2019 under section 234F. The maximum penalty is Rs. 10,000. If you file your ITR after the due date (31 August) but before 31 December, a penalty of Rs 5000 will be levied.

What happens if you don’t file taxes but you don’t owe?

If you owe $0 (that’s zero dollars) in taxes or if you are owed a refund, you are not required to file your taxes. If you do file late, there is no penalty. Isn’t that great? Except, if you are owed a refund and don’t file within three years of the associated tax date, the IRS gets to keep it.

Can I get a stimulus check if I haven’t filed my taxes?

Can I still receive a stimulus check? The government will calculate the amount of money you receive based on your adjusted gross income on your 2019 tax return. … If you haven’t turned in your 2019 tax return yet, it will be based on your 2018 return.

What is the last date for filing income tax return 2020?

November 30, 2020Related. The government in a press conference dated May 13, 2020 announced that the income tax return (ITR) filing deadline for all the entities for the financial year 2019-20 has been extended to November 30, 2020 from the usual deadline of July 31, 2020.

Can we file service tax return now?

As per norms, the returns have to be filed online on www.aces.gov.in . While return is filed half-yearly, the service tax collected by the assessee has to be deposited with the government on a monthly or quarterly basis.

Can service tax return be filed now?

This return is required to be filed on a half yearly basis, in Form ST-3. For the periods from April to September and October to March, it must be filed by the 25th October and the 25th April respectively. Further, ‘Input Service Distributor’ is also required to file this return.

Can I file 2 years tax returns together?

Yes, you can. You will need to file the income from each year, separately. A tax return for each year of income that you need to report.

Do I file taxes if I had no income?

Individuals who fall below the minimum may still have to file a tax return under certain circumstances; for instance, if you had $400 in self-employment earnings, you’ll have to file and pay self-employment tax. If you have no income, however, you aren’t obligated to file.

Is filing of nil service tax return mandatory?

Various Tribunals have held that there cannot be any penalty for non-filing of Nil return. “Persons who are not liable to pay service tax (because of an exemption including turnover based exemption), are not required to file ST-3 return.”

Why is return filing important?

Individuals cannot carry forward losses of the current financial year to the next financial year until an ITR is filed. … Hence, it is important to file your income tax return on time in order to claim the losses in future years. Filing ITR on time is beneficial in many ways while keeping you tax-compliant.

What happens if tax return is not filed?

For non filing of your ITR, the tax department can levy penalty a minimum penalty equal to 50% of the tax which would have been avoided by you, in addition to the liability to pay the interest till the date you ultimately file your ITR after receiving notices from tax department.

Who should file it returns?

Who is required to file Income Tax Return? Anybody who is less than 60 years of age and has an annual income more than Rs2. 5 lakh has to file income tax returns, according to the Income Tax Act. For senior citizens, the cut-off is Rs3 lakh, and for those who are more than 80 years old, the cut off is Rs5 lakh.

How do I file late tax return?

If you have missed the due date to file your return, you can still file it before 31 Dec 2019 by paying a fee of Rs 5,000. However, filing after 31 December 2019 will attract a fee of Rs 10,000. Individuals must file Income Tax Returns (ITR) on or before the 31 of August of this financial year.

Are you filing return of income under seventh?

Finance Act, 2019 has inserted a new seventh proviso to section 139(1) to provide for mandatory filing of return of income for certain class of person who carries out certain high-value transactions even though the person is otherwise not required to file a return of income due to the fact that total income is below …

Do I have to file my 2019 taxes to get my stimulus check?

Will I have to file a tax return to get my stimulus money? The amount of money you receive will be computed from your adjusted gross income on your 2019 tax return. … The IRS and Treasury Department clarified this week that Social Security beneficiaries will not have to file a tax return in order to get their payments.