Non payment of tax

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Bhanu Prakash Rao (Querist)
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19 August 2011 Dear experts
if dealer submit his return as nil in original but subsequently when he files revised return with tax liability with in three months whether he has to pay any penalty but he has calculated interest on tax @1.5% P M and he is paying tax with interst.

Pragnesh

Pragnesh (Expert)
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19 August 2011 Penalty will be not applicable as return is submitted with in time limit. However interest on tax will be applicable.

Bhanu Prakash Rao

Bhanu Prakash Rao (Querist)
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19 August 2011 but LVO is demanding for penalty what to do?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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19 August 2011 Penalty clause based on the state Vat act. state to state differ. so refer your state VAT act penalty clause

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