Interest on service tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 August 2012
Service tax payable for the march month to be paid by 31 March.
If it is paid in april can we make provision of interest on late payment of service tax as on 31 march in the balancesheet or shall we make provision of only service tax portion.
If it is paid in april can we make provision of interest on late payment of service tax as on 31 march in the balancesheet or shall we make provision of only service tax portion.
10 August 2012
Provision should be made when the amount of payment is very clear and the outflow of amount is also certain.
In the current case since both are there, my view is that provision should be passed for this interest also
In the current case since both are there, my view is that provision should be passed for this interest also
RENGARAJ R.K
(Expert)
10 August 2012
The interest calculation is 18% per annum. For those the taxable turnover is less than 60 lacs in a year, will have to pay only 15% p.a for the delayed days. Make a provision for the interest, as per your turnover of last year.
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
- Depreciation Chart Companies Act
- EPF ECR NEW FILE SEP 17TH 2026
- Capital Gail Exemption Certificate
- Oct 2025 Invoices
- Import of Software Service.
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- Under marginal scheme
- Capitalgain tax purposes for valuation report compulsory
- GST on Renting godown to KFCSC for Storage of Raagi
- GST Audit whether Govt Companies are exempt?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
