INTEREST ON DELAYED PAYMENT
This query is : Resolved
06 November 2009
An assessee is a construction contractor. He has not paid the service tax from 16.6.05 to as on date for the contract receipts. How to calculate the interest on service tax if the same has been paid on 07.11.2009?
Is the same has been calculated on day basis or month wise?
Status: Individual
Year 2005-06 Due date Contract receipts Service tax Interest
Q 1 05/07/2005 643665.00 20,960.00
Q 2 05/10/2005 1077240.00 35,079.00
Q 3 05/01/2006 1644144.00 53,540.00
Q 4 31/03/2006 1891081.00 61,581.00
Service tax is calculated on the assumption that contract receipts are inclusive of service taxes.
Is the same has been calculated on day basis or month wise?
Status: Individual
Year 2005-06 Due date Contract receipts Service tax Interest
Q 1 05/07/2005 643665.00 20,960.00
Q 2 05/10/2005 1077240.00 35,079.00
Q 3 05/01/2006 1644144.00 53,540.00
Q 4 31/03/2006 1891081.00 61,581.00
Service tax is calculated on the assumption that contract receipts are inclusive of service taxes.
08 November 2009
Continuing Mr. Dayal , simple interest may be calculated for the number of days delay counted from the day next to the due date till the date of payment of tax.
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