Paying income tax within a specific timeframe is very important. In case a taxpayer doesn’t pay tax within the timeframe, then he/she might have to pay the penalty.

Read this article to know more about how late income tax payments can get penalised under Section 234C.

A taxpayer has an entire year to lower his/her tax liability. During this time, he/she can invest in tax-saving investments to save more on taxes. This can make it easier for a taxpayer to file taxes. Furthermore, a taxpayer can use an income tax calculator India to calculate the tax liability. However, there is a specific timeframe within which a taxpayer needs to pay the taxes.

But what happens if a person fails to pay taxes within the timeframe?

Failing to pay taxes within the timeframe can lead to a penalty. Furthermore, the tax officer can penalise the person for the term of 3 months to 2 years and levy a fine if he/she didn’t pay tax within the timeframe. This period can extend up to 7 years in case the tax liability exceeds Rs. 25 Lakhs.

One thing that every taxpayer should keep in mind to avoid penalties is advance tax. Advance tax is payable before the timeframe. Furthermore, this tax is payable on additional income earned from capital gains on house property, shares, etc.

If a person delays paying taxes, then he/she will be levied with penalties under Section 234A, 234B, and 234C.

• Interest Levied Under 234A

A taxpayer might face this penalty if he/she is usually late in filing taxes. The due date for filing returns is 31st July of the assessment year. 

In case a taxpayer makes the payment by the cut-off date, then he/she is liable to pay an interest of 1% on the outstanding taxable amount. This interest is charged over and above the payable tax. The interest is calculated from the due date of filing the return until the date the taxes are filed.

• Interest Levied Under 234B

Under Section 234B, if a person doesn’t pay 90% of the tax payable before the fiscal year ends, then the interest of 1% is applicable. It is applicable if a person hasn’t paid any tax for an assessment year or paid less than 90% of the advance tax due, then the taxpayer will have to pay 1% interest on the tax due.

• Interest Levied Under 234C

Under this section, the penalty is levied if there is a delay in payment of advance tax instalment. If the advance tax paid on or before 15th June is below 15% of the amount, then an interest of 1% per month is levied on the taxpayer. The period of interest is 3 months.

If the advance tax paid on or before 15th September is below 45% of the amount, then an interest of 1% per month is levied on the taxpayer. The period of interest is 3 months. In case the advance tax paid on or before 15th December is below 75% of the amount, then an interest of 1% per month is levied on the taxpayer. The period of interest is 3 months. If the advance tax paid on or before 15th March is below 100% of the amount, then an interest of 1% per month is levied on the taxpayer.

Kids are playful and naïve. They love to explore new things, and are always attracted to trouble. If you are thinking of investing in a playground, you need to ensure that it is safe and secure for kids. Let’s face it: we are not playing Squid Game. Kids should enjoy their playtime, but the space should be safe for them otherwise parents will never send them back to your playground.

Here’s a quick article that discusses the playground safety checklist. What makes a playground safe? You will find that out in this quick post.

• Equipment stability – Is the playground equipment sturdy and reliable? It should be able to hold the child’s weight and not break all of a sudden. The equipment should not be loosely fitted. Barriers and handrails are a necessity. Good manufacturers understand this requirement and they create equipment keeping a child’s safety in mind. They will test the product before selling it.
• A safe surface – The playground should not have a very hard surface. Kids are prone to fall. Once they fall, be ready for a lot of drama. The surface should be able to absorb the impact. It should be safe to walk or run on. There should be no tree or branches in case you are choosing a grass or sand surface.
• Is it age-appropriate? – There are many people who build a playground that has different designated spots for a variety of age groups. Keep one space for 4–7-year-olds and the other for 7+ years of age. You can put signages on the playground. Older kids might be too aggressive and they have a tendency to bully younger kids. Make sure older kids play separately.
• Good swings for kids – You wouldn’t want to invest in playground sets that are made of poor-quality material. Metal or wood is a big no. Bucket-style swings are good for younger kids.
• Entrapment is a serious issue – If you are adding equipment with ropes and nets, you have to ensure that the kid can come out of it easily. Once they get trapped into it and nobody is there in the playground, the situation will be nerve-wrecking.

Summing up

Since you are thinking of building a playground for kids, consider checking the Inspire Play commercial playgrounds catalogue. The playgrounds are designed for kids of all age groups.

You will be pleased to see the options. Moreover, all the equipment is safe, sturdy, and stable. Do check out the options!

If you are still thinking of starting a dropshipping business or have not made up your mind as yet, you are missing a whole bunch of exciting opportunities already. Just in case you did not know, more than 22-33 percent of the retailers online have already adapted dropshipping as their main business model. No wonder it’s a fulfilling and great way to make money and grow.

If you are wondering how to find dropshipping suppliers in USA then you have several Dropshipping sites to browse through. Several dropshipping platforms provide you with free dropshipping stores too. With so much to gain, why not get started and waste no more time pondering.

You could also opt for Amazon dropshipping through GoTen.com. At GoTen sellers are supported and helped to get started and scale their business at Amazon easily and swiftly. The risk is next to negligible, the cost is very low too and you garner more profit in a short phase of time.

Now let us turn to the benefits people enjoy when they are into dropshipping business

• You can get started easily

With so many sites offering free dropshipping stores and registering process made quickly, starting the business takes no time. You can get started with your business practices in no time at all. There are several reliable and legitimate platforms today from where you can get in touch with drop ship companies and start your business. There are dropship platforms where you also get to see the products that are much ‘in demand’ making it easy for you to opt for what you must sell and what’s trending.

• You carry less but sell more

It gets very easy to expand your business and provide your customer base with a wide array of products. The best part is, there is no need for you to have your physical inventory. This also means you would not need a warehouse too. This saves so much money and you do not need huge capital before starting a business. You still get to provide your customers with a large catalog. This provides shoppers to choose from a wide array of products spread before them, without you having to buy those products.