matter of panelty

This query is : Resolved

Guest

Guest (Querist)

27 October 2010 can anyone tell me if i late to fill quaterly return
1-income tax(in case of co.and firm)
2- service tax
3-tds
4-excise
than in which percantage i will paid panelty
in these taxes

regards
raj

Ajay Mishra

Ajay Mishra (Expert)
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28 October 2010 Hi

Penalty for Filing of quarterly return on the said matter will govern under different Act. I think panel interest is different under different Act.

Regards

Ajay Mishra

Ajay Mishra (Expert)
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28 October 2010 Hi

Please also go to the following link:

https://taxes.about.com/od/backtaxes/qt/irs_tax_penalty.htm

Ranjan Dayal

Ranjan Dayal (Expert)
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29 October 2010 Penalty on late filling of IT return & service Tax are as under:
Provision Of Income Tax:

Delay in filing of IT Return:

CONSEQUENCES OF SUBMISSION OF RETURN AFTER DUE DATE
If a return is submitted after the due date, the following consequences will be applicable:
1. The assessee will be liable for penal interest under section 234A.
2. A penalty of Rs 5,000 may be imposed under section 271 F if
Belated return is submitted after the end of the assessment year.
3. If the return of loss is submitted after the due date, a few losses
Cannot be carried forward.
4. If the return is submitted belated, deductions allowable under
certain sections will not be available.
INTEREST U/S. 234-A FOR LATE OR NON-FURNISHING OF INCOME TAX RETURN
For defaults in furnishing Simple interest @ 1% for every Return of income month or Part thereof from the due date of filing of the Return to the date of furnishing of the return & in case return is not filed, it is up to the date of completion of assessment u/s 144.
The interest is calculated on the amount of the tax on the total assessed income as determined
under sub-section (1) of section 143 or on regular assessment u/s 143(3) as reduced by the Advance Tax, if any, paid and any tax deducted or collected at source.
IF AN ASSESSEE DOES NOT FILE HIS RETURN OF INCOME : Penalty of Rs. 5000 is imposable for non-filing of return within the assessment year. Interest is also chargeable for non-filing or late filing, as shown above.

Provision Of Service Tax:
As Per circular no. 97 / 8 /2007 dt. 23.08.07
.4 Delay in filing of return: The return is required to be filed by the stipulated date as mentioned at para 6.1 above. Delay in filing of return attracts late fee. The late fee presently prescribed vide rule 7C of the Rules, is (a) Rs 500 for delay upto 15 days; (b) Rs 1000 for delay between 15 days and 30 days; and (c) Rs 1000 plus Rs 100 per day beyond 30 days, till the filing of return, not exceeding Rs 2000/-. To avoid late fee, the taxpayer must ensure timely filing of return. In case of returns filed late, the appropriate late fees should be paid at the time of filing the return, without waiting for any communication or notice from the department. Mere non-submission of evidence of payment of late fee along with the return is, however, not a ground for refusal to allow filing of the return.

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