Query regarding penalty on late payment
This query is : Resolved
08 July 2015
DEAR SIR, DUE TO LACK OF FUNDING ASSESSEE ARE UNABLE TO DEPOSIT THE EXCISE DUTY PAYABLE.BUT AFTER AVAILABILITY OF APPROPRIATE FUND HE DEPOSITED THE EXCISE DUTY ALONG WITH INTEREST.NOW AO CHARGED THE PENALTY DUE TO DELAY IN DEPOSIT.WHAT SHOULD BE THE PROCEDURE TO ESCAPE THE PENALTY.
Arun Kumar Singh
(Expert)
08 July 2015
If basic duty payment is less then one month then only interest will be applicable. Penalty will not be applicable.
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08 July 2015
Dear Sir,
Assessee had paid the Basic Duty Payment Along With Interest with in next 6 Months.
Whether Penalty will impose on him.If Yes, Then How much & can it be saved?
Assessee had paid the Basic Duty Payment Along With Interest with in next 6 Months.
Whether Penalty will impose on him.If Yes, Then How much & can it be saved?
Arun Kumar Singh
(Expert)
08 July 2015
The penalty will be imposed at the rate of 1%.
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