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Querist : Anonymous

Querist : Anonymous (Querist)

26 August 2011 Service Tax Query :- pls send How to calculate service tax interest calculation apr 10 to sep 10 and oct 10 to mar 11. send mi interest calculation which day and how many percentage pay. plz send detailed answer.

plz calculation of these sexvice tax
2010-11.

APR 5270.625
MAY 23389.7075
JUNE 28789.51885
JULY 22937.045
AUG 36297.99425
SEPT 53937.2525
OCT 64984.3025
NOV 67199.79375
DEC 67199.79375
JAN 14038.8725
FEB 31776.44725
MAR -19280.6375

How to pay int on these amount 2010-2011 interest not include

CA Navin Jain

CA Navin Jain (Expert)
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26 August 2011 How to calculate Interest?
ILLUSTRATION :
Service Tax to be paid is Rs. 10000 for the month of July
Cheque Deposited in Bank 17th October
Cheque Realised on 20th October
CALCULATION :

Rate of Interest is 18% p.a.
Amount of service tax to be paid is Rs.10,000/-
Due date for the month of July would be 5th August. Thus upto 5th August no interest is to be charged
Days for which Tax Payment is Delayed = August 26 Days (31-5)
September 30 Days
October 17 Days (not 20)
----------------------------------------------------
Total 73 Days

Interest is to calculated as under
Service Tax to be paid X Int. Rate / 100 X No. of Days / total no. of days in a year
= Rs.10,000 X 18% X 73/365
= Rs. 360/- (Amount of Interest)

Thus Total Payment to be made is Rs. 10,000/- (Tax Liability)
Add : Interest for Delayed Payment Rs. 360/-
--------------------
Total Payment to be made is Rs. 10,360/-

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