Primary & secondary education cess on interest & penalty
This query is : Resolved
08 January 2014
Dear Sir,
I would like to know whether Cess of 2% & 1% is applicable on Interest for delayed payment of Service Tax & Penalty for delayed payment of Service Tax.
Further when i make the online payment in the website there are codes for cess specifically mentioned for Interest & Penalty.
Please share your expertise at the earliest.
I would like to know whether Cess of 2% & 1% is applicable on Interest for delayed payment of Service Tax & Penalty for delayed payment of Service Tax.
Further when i make the online payment in the website there are codes for cess specifically mentioned for Interest & Penalty.
Please share your expertise at the earliest.
08 January 2014
Dear friend,
1. No cess is payable for interest and penalty.
2. If the amount of interest and penalty is pertaining to E Cess or S HE Cess, then such interest and penalty is to be deposited in the corresponding accounting codes.
1. No cess is payable for interest and penalty.
2. If the amount of interest and penalty is pertaining to E Cess or S HE Cess, then such interest and penalty is to be deposited in the corresponding accounting codes.
08 January 2014
Thanks for your proactive reply.
I am confused with point 2. Please elaborate.
For better understanding let me take an example.
Period from 1-1-13 to 31-3-13.
Service Tax Liability(12%) is 1794.
Cess @ 2% is 36 (1794*2%)
Cess @ 1% is 18 (1794*1%)
Total is 1848 (1794+36+18)
Interest @ 15% for delayed payment upto January is 231 (1848*15%)
Penalty is 1040 (restricted to 50% of tax payable ie, 1848+231*50%)
Please clarify whether cess @ 2% & 1% is to be computed on interest & penalty.
I am confused with point 2. Please elaborate.
For better understanding let me take an example.
Period from 1-1-13 to 31-3-13.
Service Tax Liability(12%) is 1794.
Cess @ 2% is 36 (1794*2%)
Cess @ 1% is 18 (1794*1%)
Total is 1848 (1794+36+18)
Interest @ 15% for delayed payment upto January is 231 (1848*15%)
Penalty is 1040 (restricted to 50% of tax payable ie, 1848+231*50%)
Please clarify whether cess @ 2% & 1% is to be computed on interest & penalty.
20 January 2014
Dear friend,
No cess is to be computed on interest and penalty
No cess is to be computed on interest and penalty
20 January 2014
Dear friend,
No cess is to be computed on interest and penalty
No cess is to be computed on interest and penalty
20 January 2014
Dear Sir,
Thank you very much.
Regards,
Thank you very much.
Regards,
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- TDS on Purchase of Immovable Property by NRI from NRI
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Regarding TDS Applicability For Director Remuneration
- Annual return in Gst
- Value of property in capital gain
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
