Interest on late payment of vat in vat 100 return
This query is : Resolved
balakrishna
(Querist)
25 September 2015
Dear all,
I paid the K.VAt with interest on late payment.
Now i am Filing VAT return ,I need where I have to show my Interest in VAT 100 Return.
I paid the K.VAt with interest on late payment.
Now i am Filing VAT return ,I need where I have to show my Interest in VAT 100 Return.
MJ Krishnamurthy
(Expert)
25 September 2015
Mr Balakrishna,In col 5.2 interest and penalty in col 5.3 and total amount of tax interest and penalty in col 5.4 of VAT 100 form..........mjk
balakrishna
(Querist)
25 September 2015
dear sir,
I am filing the VAT retun Regarding June-15
I make only interest payment @1.5% Pm
Is there any penalty also I need to pay?
I am filing the VAT retun Regarding June-15
I make only interest payment @1.5% Pm
Is there any penalty also I need to pay?
MJ Krishnamurthy
(Expert)
25 September 2015
Penalty is payable by a levy by the assessing authority if the difference in tax is more 5% of the amount actually payable/assessed, not in the returns.Only interest is madatory to be paid with the reurns...mjk
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