Avail 50% discount on all subjects for Nov batch(access till Nov 20th). Use coupon code Nov14.

×
Home > Experts > VAT > Karnataka vat interest and penalty


Please Wait ..

Sign-in to your account


Username:
Password:

Remember Me

Forgot your password?

Sign-up now



Join CAclubindia.com and Share your Knowledge. Registered members get a chance to interact at Forum, Ask Query, Comment etc.


Karnataka vat interest and penalty (VAT)

Report Abuse
This query is : Open



( Author )
23 July 2012

namaste all,
please clarify regarding interest and penalty payable in delayed KVAT payment and non filing of return.

if paid and filed return before 5 days after due date
if paid and filed return after 5 days and before 10 days of due date
if paid and filed return after 10 days of due date


RENGARAJ R.K

( Expert )
23 July 2012

36. Interest in case of failure to furnish returns or to pay tax
declared on returns or other amounts payable.- (1) Every dealer shall be
liable to pay simple interest on any amount of tax which should have been
declared on a return, but which has been omitted from it, unless that
omission is corrected within three months of the omission subject to subsection (2) of Section 72, and such interest is payable from the date the tax
should have been declared, and the dealer shall declare his liability to pay
that interest in such form and manner as may be prescribed.
(2) If a dealer required to furnish a return under this Act.-
(a) fails to pay any amount of tax or additional tax declared on the
return, or
(b) furnishes a revised return more than three months after tax
became payable, declaring additional tax, but fails to pay any
interest declared to be payable under sub-section (1), or
(c) fails to declare any tax or interest which should have been
declared, or
(d) fails to make a return,
such dealer shall be liable to pay interest in respect of the tax and additional
tax payable as declared by him or the tax payable and interest payable
under sub-section (1) for the period for which he has failed to furnish a
return.
(3) Where any other amount is payable under this Act is not paid
within the period specified in Section 42, interest shall be payable on such
amount from such period.
(4) The interest shall also be payable under this Section during any
period during which recovery of any tax or other amount payable under the
Act is stayed by an order of any authority or Court in any appeal or other
proceedings disputing such tax or amount.
37. Rate of interest.- (1) The rate of simple interest payable under
Section 36 shall be
1
[one and one half per cent]
1
per month:

YOU HAVE TO PAY 1 1/2% INTEREST FOR THE DELAYED PAYMENT. IN YOUR SECOND QUERY, YOU HAVE MENTIONED "BEFORE 10 DAYS OF DUE DATE". FOR PAYING BEFORE DUE DATE INTEREST LEVY DOES NOT ARISE.


CA BHARATH KUMAR

( Expert )
25 July 2012

i agreed with expert rangaraj sir


RENGARAJ R.K

( Expert )
25 July 2012

Mr.Srinivas Ganesh shet,

I think your second query is return filing delay of 5 to 10 days. Am i right?

For this also, the same rate of interest has to be applied in number of delays.


srinivas Ganesh Shet

( Author )
25 July 2012

and what about penalty apart from interest
for delay in filing and payment of tax for
1)after due date upto 5days
2) afater due date upto 10 days
3) after due date above 10 days


Previous

Next

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


Click here to login ( Members Login ) now


Similar Resolved Queries :








submit










Quick Links





back to the top