₹500 a month per return.This is a big relief to businesses as levy of late fee could go up to ₹10,000 a month, as per the earlier rate, experts said. “Providing compliance relief, even beyond September if required, to all businesses is essential at the present stage where the primary focus has to be on business revival and working capital management,“ said M.S.
Mani, tax partner at Deloitte India.The interest rate on tax liability has been halved to 9% in the case of small tax payers with sales up to ₹5 crore for late filing of return in the three months starting February.