You may face penalty for failure to e-file comm tax returns
October, 27th 2014
The failure to e-file commercial tax returns will now on cost traders dear, with a penalty set to be imposed from November onwards.
Traders with annual transactions between Rs 50 lakh and Rs 1 crore have time till October 30 to file their commercial tax returns. However, they have to file their returns electronically. Those who fail to e-file their returns before October 30 will be liable to pay a fine.
Stating this at an interaction at the Mysore Chamber of Commerce and Industry at the weekend, Joint Commissioner of Commercial Taxes (Administration) Nagarajappa said, so far no fine was being imposed for the failure to e-file tax returns because of a lack of awareness among the tax payers.
Divisional-level campaign to generate awareness and, resolve problems and confusions arising at the time of e-filing was being conducted every month. Steps were also being taken to solve those issues.
Such awareness programmes were being conducted in Mysore followed by Mandya, Chamarajanagar and Kodagu districts, he said, while asking all traders to e-file their returns before October-end.
The traders have to mention their e-mail address, phone number and PAN number. If such data fails to match the digitised records, the department would immediately inform such traders, Nagarappa said.
He said, the e-filing of returns was a precursor to the introduction of the GST which the government proposed to introduce in the coming days. Traders have to submit all details relating to goods, purchase, transport among others utilising the digital system.
Chamber president A S Satish suggested that the members approach the chamber for overcoming problems they faced while e-filing their returns or any advise. FKCCI district co-ordinator Sudhakar S Shetty promised to take up the issues relating to inter-state transport of goods and any other state issues with the FKCCI for a solution.