Penalty and interest
This query is : Resolved
13 February 2013
DEAR ALL
PLEASE LET ME KNOW REGARDING KVAT QUARTERLY VAT FILING RETURN HAS BEEN FILED IN TIME(15.01.2013) BUT UNFORTUNATELY STILL TAX PAYMENT(CHEQUE) NOT PAID TO THE LVO FOR RS.21000/- .
IN THIS REGARD I WANT TO KNOW WHAT WILL BE THE CHARGES TOWARDS INTEREST AND PENALTY?
RAGARDS
RAJ
PLEASE LET ME KNOW REGARDING KVAT QUARTERLY VAT FILING RETURN HAS BEEN FILED IN TIME(15.01.2013) BUT UNFORTUNATELY STILL TAX PAYMENT(CHEQUE) NOT PAID TO THE LVO FOR RS.21000/- .
IN THIS REGARD I WANT TO KNOW WHAT WILL BE THE CHARGES TOWARDS INTEREST AND PENALTY?
RAGARDS
RAJ
14 February 2013
Answering the query assuming KVAT referred to is for the state of Karnataka.
The penalty shall be 10% for delay in payment as per section 72 and interest at 1.5% under section 36
The penalty shall be 10% for delay in payment as per section 72 and interest at 1.5% under section 36
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