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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Liable to deduct tds and 44ADA
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- Relief u/s Section 89
- TDS Challan Code
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Supply through E-commerce Operators
- STCG on ETF gold & silver
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
