Interest on Interest
This query is : Open
V.V.S.Narayana
(Querist)
20 August 2009
Sir,
For the month of April'09 the due date of deposit is 5th May'09.
I have deposited the service tax of Rs. 10,000/- on 5th July'09.
Till date I have not deposited interest on service tax.
If I calculate interest upto 5th July'09 and deposit now,would it be in order or how should I calculate and deposit delayed interest.
What is the relevant provisions for this. Kindly help me.
For the month of April'09 the due date of deposit is 5th May'09.
I have deposited the service tax of Rs. 10,000/- on 5th July'09.
Till date I have not deposited interest on service tax.
If I calculate interest upto 5th July'09 and deposit now,would it be in order or how should I calculate and deposit delayed interest.
What is the relevant provisions for this. Kindly help me.
Shyam Lal Naik
(Expert)
14 September 2009
Your calculation would be in order.
A plain reading of the provision is that, in case of delay, tax should be paid along with interest.
A plain reading of the provision is that, in case of delay, tax should be paid along with interest.
V.V.S.Narayana
(Querist)
18 September 2009
Thank you sir.
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