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FAQ

How much penalty do I need to pay for late payment and filing of tax?
Interest under Sec 234A will be attracted @1% for every month or part of a month till furnishing of return of Income from the due date for furnishing return of income for the Assessment Year 2013–14 (i.e July 31, 2013), which comes to 41 months and Tax will be calculated as followsTax: 1,400Education Cess @3% on above: 42Total Tax: 1,442Interest U/s 234A: 574 (Total Tax amount is rounded off to nearest 100 rupees and 41% is applied)Total Tax Payable 2,016Return of Income for concerned previous year cannot be filed as per sec 139(4) of Income Tax Act, 1961Sec 139(4) : Any person who has not furnished a return within the time allowed to him under sub-section (1) (i.e July 31, 2013), or within the time allowed under a notice issued under sub-section (1) of section 142, may furnish the return for any previous year at any time before the expiry of one year from the end of the relevant assessment year (i.e March 31, 2021. or before the completion of the assessment, whichever is earlier
What forms do I need to fill out as a first-year LLC owner? It's a partnership LLC.
A Limited Liability Company (LLC) is business structure that provides the limited liability protection features of a corporation and the tax efficiencies and operational flexibility of a partnership.Unlike shareholders in a corporation, LLCs are not taxed as a separate business entity. Instead, all profits and losses are "passed through" the business to each member of the LLC. LLC members report profits and losses on their personal federal tax returns, just like the owners of a partnership would.The owners of an LLC have no personal liability for the obligations of the LLC. An LLC is the entity of choice for a businesses seeking to flow through losses to its investors because an LLC offers complete liability protection to all its members. The basic requirement for forming an Limited Liability Company are:Search your business name - before you form an LLC, you should check that your proposed business name is not too similar to another LLC registered with your state's Secretary of StateFile Articles of Organization - the first formal paper you will need file with your state's Secretary of State to form an LLC. This is a necessary document for setting up an LLC in many states. Create an Operating Agreement - an agreement among LLC members governing the LLC's business, and member's financial and managerial rights and duties. Think of this as a contract that governs the rules for the people who own the LLC. Get an Employer Identification Number (EIN) - a number assigned by the IRS and used to identify taxpayers that are required to file various business tax returns. You can easily file for an EIN online if you have a social security number. If you do not have a social security number or if you live outsides of United States, ask a business lawyer to help you get one.File Statement of Information - includes fairly basic information about the LLC that you need to file with your state’s Secretary of State every 2 years. Think of it as a company census you must complete every 2 years.Search and Apply for Business Licenses and Permits - once your business is registered, you should look and apply for necessary licenses and permits you will need from the county and city where you will do business. Every business has their own business licenses and permits so either do a Google search of your business along with the words "permits and licenses" or talk to a business lawyer to guide you with this.If you have any other questions, talk to a business lawyer who will clarify and help you with all 6 above steps or answer any other question you may have about starting your business.I am answering from the perspective of a business lawyer who represents businesspersons and entrepreneurs with their new and existing businesses. Feel free to contact me sam@mollaeilaw.com if you need to form your LLC.In my course, How To Incorporate Your Business on Your Own: Quick & Easy, you will learn how to form your own Limited Liability Company (LLC) or Corporation without a lawyer, choose a business name, file a fictitious business name, file Articles of Organization or Articles of Incorporation, create Operating Agreement or Bylaws, apply for an EIN, file Statement of Information, and how to get business licenses and permits.
How do I pay a late filing penalty for an S corp?
The IRS will send you a notice for the late filing penalty and there will be a voucher at the bottom of the letter to tear and an envelope to mail your payment.
How do I get IRS to abate penalties on 20 month late 6 figure tax liability?
Mark's answer is right on. You need professional help st this point, and you need a good CPA.. Failing that, you may soon see levies and other nasty consequences. You will get your own case officer, and some of those guys are not sympathetic to anything. Again, get a good CPA, NOW.
How can I check the penalty fee for late ROC filing?
2021 Penalty for Not Filing Annual ReturnA company is an artificial judicial person and a separate legal entity capable of entering into various types of transactions. Once a company is incorporated, the Directors of the company are responsible for ensuring that various regulatory and statutory filings are filed by the company on time. Failure to file statutory filings could attract stringent penalties and could disqualify the Directors from incorporating another company in the future. The year 2021 is very significant as the penalty for non-compliance has been increased to over Rs.1 lakh by both the income tax department and Ministry of Corporate Affairs. In this article, we look at the some of the penalties applicable for company in 2018.Increase in Penalty for Not Filing Annual ReturnNormally, the Government fee for filing or registering any document under the Companies Act required or authorized to be filed with the Registrar is Rs.200. A private limited company would be required to file form MGT-7 and form AOC-4 each year and the government fee applicable if filed on time would be Rs.400. In case of delay in filing of annual return, the penalty as mentioned would be applicable:Increase in Penalty for Not Filing Income Tax ReturnIn addition to the changes in Companies Act, the penalty under Income Tax Act has also been increased sharply. Before 1st April 2021. the penalty for not filing income tax return was Rs.5000 leviable at the discretion of the Income Tax Officer.From 1st April 2021. the penalty for not filing income tax return for company has been changed as follows:For returns filed between 1st October and 31st December a penalty of Rs.5000 will be applicable. For returns filed after 31st December, a penalty of Rs.10,000 would be applicable.Source : ROC Filing | ROC Compliance | Annual Return Filing
Is there any possibility to waive off the penalty system of GST late filling?
It is waived off now until 31st Oct 2021. So anyone who has not filed GST since its inception in July 2021 can use the opportunity to file their returns without penalty