Interest and penalty
This query is : Resolved
CHIRAG RANGNANI
(Querist)
26 May 2015
we have filed service. tax return of one of our client for second half year ended on 31.3.3015 with only exempt income of 5 lacs on 16.04.2015
but as its another firms turnover was increasing it diverted its construction taxable income of 12 lacs dated 31.03.2015 after deducting TDs at the time of filing of tds return on 15.05.2015 showed as amt outstanding and now our client has to pay service tax with interest and my question is what will be the penalty in this case if we file revise return on 01.06.2015 and how we will calculate interest day wise or take monthwise. I.e full month interest for part of the month as we do in tds
...
please help me its urgent...
26 May 2015
In Service tax interest will be counted day wise, and not month wise, its 18% p.a. however if its taxable turnover is less than 60 Lacs you can take rebate of 3%, hence effective rate of interest will be 15%.
Rupesh Jain
(Expert)
26 May 2015
intt will be according to days for delay for depositing the tax.
18% upto 6 month
after 6 mont h upto 1 year 24%
after 1 year rate @ 30%
18% upto 6 month
after 6 mont h upto 1 year 24%
after 1 year rate @ 30%
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