Please Help: delayed in fining of service tax return
Posted Date : 07-Jul-2011 , 05:54:04 pm | Posted By: Naveen
Category :
Service Tax | Answers :
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Comments :
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sir, i have to file my service tax return for the period 1/4/2010 to 30/09/2010 and 1/10/2010 to 31/03/2011 . What will the amount of interest and penalty for filing of these return now?.............RPly urgent |
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Answers:
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 Answer by: PRIYANKA |
| Dear naveen, in this case interest for late payment of service tax wud be payable @ 18% per annum and penalty both under section 70 and Section 76 of finance act, 1994 wud be payable,which stands for late filing of return and late payment of service tax respectively. Penalty u/s 76 wud be penalty not less than Rs.100/- for every day during which failure continues, or @ 1% of such tax per month, whichever is higher but shall not exceed 50% of service tax due.And penalty under Section 70 wud be : Late fee upto Rs.20000/-
a)Delay up to 15 days-Rs.500/-
b) Delay beyond 15 days and upto 30 days-Rs.1000/-
c) Delay beyond 30 days-Rs.1000/- plus Rs.100 per day of delay beyond 30 days
Provided the total amount payable in terms of this rule shall not exceed the amount specified in Sec.70 of the Act.
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| Answer by: PRIYANKA |
| one more thing that i want to make clear is that penalty for late filing of return can be levied up to a maximum of Rs 20000/- and penalty for late payment of service tax is optional i.e., it may or may not be levied , but interest wud definitely be levied on late payment of service tax.
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| Comments |
| Posted By : CA Mordhwaj Garg |
08-Jul-2011, 10:40:47 |
| No interest penalty of Daley filling of S. Tax Return. you have paid max. penalty of Rs. 2000.00 per return. |
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| Posted By : Naveen |
07-Jul-2011, 05:59:40 |
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