QUESTION OF THE DAY: (1) Does your income tax refund decrease if you file a year late? (2) How can I check my GST compliance rating?



(1) Income tax returns cannot be filed beyond the time permitted for belated filing which normally 31st march of the assessment year. However, in a hypothetical situation, if the ITR is filed with a delay of 1 year, then late fees shall be applicable resulting in the reduced refund or increased tax liability.

(2) As of now, the GST compliance rating has not been introduced it’s still in the planning stage. However, you can get the details of GST filing by your vendor by visiting the link https://services.gst.gov.in/services/searchtp give the GSTIN and clicking show filing table in the inside window

For information on Company Registration, visit https://www.parpella.com/one-person-company-registration
Location: Kerala, India

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