Interest on late payment
This query is : Resolved
12 June 2012
Interest on late payment of Service tax is payable on day basis or month basis
For e.g
Due date 05.04.12
Paid on 10.04.12
Interest will be paid for 1 month @1.5% or for 5 days@18% ????????
For e.g
Due date 05.04.12
Paid on 10.04.12
Interest will be paid for 1 month @1.5% or for 5 days@18% ????????
12 June 2012
Rate of Interest:
From 01.04.2011 - 18% per annum.
Interest for late payment is worked out on day basis.
Failure to pay service tax attracts also penalty under section 76 of the Act which shall not be less than Rs.200/- for every day during which such failure continues or @ 2% of such tax per month whichever is higher.
rengaraj r.k
From 01.04.2011 - 18% per annum.
Interest for late payment is worked out on day basis.
Failure to pay service tax attracts also penalty under section 76 of the Act which shall not be less than Rs.200/- for every day during which such failure continues or @ 2% of such tax per month whichever is higher.
rengaraj r.k
12 June 2012
Sir but i think interest is to be payable from due date till date of payment i.e. from 5th March 2011 to 10th April 2012
13 June 2012
Yes interest is to be calculated on day basis @ 18% p.a.
In your case due date is 5-4-12 nad it is paid on 10-4-12. so interest is to be paid for 5 days @ 18% per annum.
In your case due date is 5-4-12 nad it is paid on 10-4-12. so interest is to be paid for 5 days @ 18% per annum.
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
- Itr 1 processing
- Off Market debit and credit transaction
- ITR 2 Short Term gain & Long term gain
- Reporting Income under Section 44ADA
- Showing Gift from relative in ITR for this year
- ITR 1: Details for showing Exempt Income
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR returnFY25-26
- Short Term Capital gain on shares bought and sold after 2018 onwards
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR validation error - Balance sheet is not filled
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- 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
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
