Fine and interest after due date
This query is : Resolved
15 January 2015
dear sir
please let me know about service tax , TDS , income tax.....
I m in confsn that how much fine or interest pay in case of late deposit of tax and late filing of return of all these three aforesaid tax returns? (after due date)
please let me know about service tax , TDS , income tax.....
I m in confsn that how much fine or interest pay in case of late deposit of tax and late filing of return of all these three aforesaid tax returns? (after due date)
15 January 2015
Vide Notification No 12/2014-ST dated 11.7.2014, rate of interest to be charged on delayed payment of service tax has been enhanced w.e.f. 1.10.2014, based on period of delay. Thus, longer the delay period , higher would be the rate of interest payable.
# Up to six months - 18% p.a.
# Beyond six months to one year - 18% p.a. for the first six months of delay; 24% p.a. for delay beyond six months.
# Beyond one year - 18% p.a. for the first six months of delay; 24% p.a. for period beyond six months up to one year; 30% p.a. for any delay beyond one year.
If turnover during preceding FY did no exceed Rs 60 Lacs then there will be a concession of 3% and interest rate will be reduced from 18% p.a. to 15% p.a.
Further you need to calculate interest on days basis for delay period which is from the due date of payment till the date of actual payment. Please check out the "Service Tax Late Payment Interest Calculator wef 01/10/2014" from link given below:
https://www.caclubindia.com/share_files/service-tax-late-payment-interest-calculator-wef-01-10-2014-64447.asp#.VLPlniuUfUs
# Up to six months - 18% p.a.
# Beyond six months to one year - 18% p.a. for the first six months of delay; 24% p.a. for delay beyond six months.
# Beyond one year - 18% p.a. for the first six months of delay; 24% p.a. for period beyond six months up to one year; 30% p.a. for any delay beyond one year.
If turnover during preceding FY did no exceed Rs 60 Lacs then there will be a concession of 3% and interest rate will be reduced from 18% p.a. to 15% p.a.
Further you need to calculate interest on days basis for delay period which is from the due date of payment till the date of actual payment. Please check out the "Service Tax Late Payment Interest Calculator wef 01/10/2014" from link given below:
https://www.caclubindia.com/share_files/service-tax-late-payment-interest-calculator-wef-01-10-2014-64447.asp#.VLPlniuUfUs
15 January 2015
Penalty for Delay in filing Service Tax Return
# Delay of first 15 days then penalty will be Rs. 500
# Delay of 15 to 30 days then penalty will be # Rs. 1000
# Delay is more than 30 days then penalty will be Rs 1000+100 Rs. per day beyond 30 days, Subject to maximum penalty can be Rs. 20000/-
# Delay of first 15 days then penalty will be Rs. 500
# Delay of 15 to 30 days then penalty will be # Rs. 1000
# Delay is more than 30 days then penalty will be Rs 1000+100 Rs. per day beyond 30 days, Subject to maximum penalty can be Rs. 20000/-
15 January 2015
In case the assessee deposits the TDS Payment after the due date of payment of the tax deducted at source, he shall be liable to pay interest @1.5% for every month or every part of the month during which the amount is not deposited with the government.
Interest @ 1.5% is liable to be paid from the date on which the TDS was deducted and not from the due date of payment of TDS.
In case of late deduction rate of interest will be 1% or part thereof. Interest to be paid from the date when TDS was required to be deducted till the date it was actually deducted.
Penalty for late filing of TDS return u/s 234E is Rs 200 per day from the due date of filing of TDS return till the actual date of filing of TDS return subject to maximum of TDS amount involved.
Interest @ 1.5% is liable to be paid from the date on which the TDS was deducted and not from the due date of payment of TDS.
In case of late deduction rate of interest will be 1% or part thereof. Interest to be paid from the date when TDS was required to be deducted till the date it was actually deducted.
Penalty for late filing of TDS return u/s 234E is Rs 200 per day from the due date of filing of TDS return till the actual date of filing of TDS return subject to maximum of TDS amount involved.
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15 January 2015
Interest u/s 234A:If there is tax due after deducting advance tax ,TDS and self assessment tax than interest will be applicable @1% per month and part thereof up to the date of filing of the return besides interest applicable u/s 234B or 234C. Means this interest is applicable only if there is any tax payable in your return.
Section 271F: If a person who is required to furnish a return of his income, as required under sub-section (1) of section 139 or by the provisos to that sub-section, fails to furnish such return before the end of the relevant assessment year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of five thousand rupees.
Interest rate for delay in payment of income tax or for deferment of Advance Tax is @1% per month.
Section 271F: If a person who is required to furnish a return of his income, as required under sub-section (1) of section 139 or by the provisos to that sub-section, fails to furnish such return before the end of the relevant assessment year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of five thousand rupees.
Interest rate for delay in payment of income tax or for deferment of Advance Tax is @1% per month.
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