Non filer since inception- should go for vces?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 December 2013
A private ltd company in Bangalore has not filed service tax since 2006 though covered under service tax and re-invested all amount in business. However, they suffered losses and are not in a position to pay service tax now which has so far accumulated to the tune of 30-35 lakhs without interest & penalty .They cannot opt for VCES due to lack of funds, have not received any notice so far. What are the consequences in order, that is, lets say if they receive a notice from service tax deptt., will they be right away arrested or be given a time period (if yes, how much and in how many installments) to pay back the tax dues. Will it be the same if they decide to wind up the company or is there any exemption for companies declaring themselves as Insolvent? What can be the best resort for them?
28 December 2013
The best option is to go for VCES.
Even if the company goes for winding up it will NOT discharge the company from its liabilities.
In that case, the directors will be liable for the taxes.
Even if the company goes for winding up it will NOT discharge the company from its liabilities.
In that case, the directors will be liable for the taxes.
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
- TDS 194-T applicability
- GST ITC REVERSE
- Fixe term employment
- Is any professional CA is here please reply
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Putting a heading on received mail
- Consolidated financials
- Reprocessing of rectification order AY 2025-26
- Section 50-fixed asset-->building ceases to exist
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- TDS on TRUST
- 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
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
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
