MVAT interest u/s 30(4)
This query is : Resolved
21 December 2009
reproduced S.30(4)
"Sec. 30 (4) If ,-
(a) after the commencement of,-
(i) audit of the business of the dealer in respect of any
period, or .....
.....the dealer shall be liable to pay by way of interest, a sum equal to 25 % of the additional tax payable as per the return or, as the case may be, revised return."
kindly tell, with source of info., if possible
1) if audit as mentioned above means MVAT audit only, or any other audit under companies act, IT Act, etc.
2) is 25% calculated straight forward without taking into account the period i.e return date to date of filing of revised return?
"Sec. 30 (4) If ,-
(a) after the commencement of,-
(i) audit of the business of the dealer in respect of any
period, or .....
.....the dealer shall be liable to pay by way of interest, a sum equal to 25 % of the additional tax payable as per the return or, as the case may be, revised return."
kindly tell, with source of info., if possible
1) if audit as mentioned above means MVAT audit only, or any other audit under companies act, IT Act, etc.
2) is 25% calculated straight forward without taking into account the period i.e return date to date of filing of revised return?
30 December 2009
1) Audit here means Business audit or assessment carried out by the department and not the MVAT, IT audit etc. Sec 30 (4) will be not applicble in that case.
2) 25% is calculated on adhoc basis and it does not consider time frame. It is a sort of penalty rather than interest.
Regards
2) 25% is calculated on adhoc basis and it does not consider time frame. It is a sort of penalty rather than interest.
Regards
09 January 2010
thanks for the reply
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
- About TDS & Income Tax
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Section 194JA & JB Income which ITR Form to use
- Not able to file ITR
- Booth for sales promotion
- Building tax payment deduction in rental Income
- Upload Level ValidationITR3Category of Defect B/D
- VALUATION OF PRIVATE LIMITED COMPANY SHARES
- LIABILITY ADJUSTMENT
- Capital Gains on sale of residential flat
- Accounting with Claude
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
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
