Condone penalty

This query is : Resolved

Aditya (Querist)
Follow

19 February 2016 Sir, Is there any way to condone the penalty for non filing of Service Tax Returns?? If the assessee wishes to pay the penalty upto the date of challan payment then can he do so & give a written application to the department ??

Suresh Ramaswamy

Suresh Ramaswamy (Expert)
Follow

20 February 2016 There is no provision in Finance Act 1994 (as amended) by which fees for late deposit of ST - 3 Returns can be reduced or waived. The Late Fee is levied for late filing of ST - 3 Return and has no link whatsoever to the payment of duty. Further while interest is chargeable on unpaid service tax, the maximum late fee that can be levied is Rs.20,000/- per return even if it filed say after three years. In the current scenario the interest for late deposit of duty by three years would involve an interest element of 81% [(18% p.a. * 6 months)+(24% p.a. * 6 months)+(30% p.a. for 2 years)].

There is no way the delay can be condoned and lesser late fee paid.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

kavita goel

avulaandcopdrl 2023

divakar podaturu

Ashok Atluri

CA Reshma prabhu

Subscribe Now

Condone penalty

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA