Compouding fees under kvat
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 November 2012
Dear Expert,
I have paid difference of tax and compounding fees when Vigilance had inspected our factory premises.
Now after 2 years, I have been asked to pay twice the difference tax amount as penalty and also interest by ACCT Audit.
I am an entreprenuer, Kindly let me know, what are remedies available.
I have paid difference of tax and compounding fees when Vigilance had inspected our factory premises.
Now after 2 years, I have been asked to pay twice the difference tax amount as penalty and also interest by ACCT Audit.
I am an entreprenuer, Kindly let me know, what are remedies available.
CA. Hari Kishan
(Expert)
26 November 2012
The authorities have the power to enhance the tax liability by two times. However you may request the assessing authorities on the ground of co-operation at the time of inspection and also on payment of compounding fee to reduce the additional tax to ONE Time..
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