how much time avalable for filing serive tax return
Querist : Anonymous
how much maximum time available to file a service tax return
Querist : Anonymous
According to section 77 of the Finance Act, 1994, if a person fails to furnish in due time, the return which he is required to furnish, he shall pay by way of penalty, a sum which shall not be less than one hundred rupees but which may extend to two hundred rupees for every day (for every week or part thereof with effect from 16 October 1998) during which such failure continues. As per Finance Act, 1999, effective from 11 May 1999, the penalty leviable may extend to an amount not exceeding two thousand rupees irrespective of the period of delay.
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