Vces

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payal b shah (Querist)
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26 December 2013 Under VCES, it is clear to make payment of 50% of S. Tax Liability by 31st December, but for the period 1-1-2013 to Dec -2014, i.e. not covered under VCES, is it necessary to make the payment with penalty u/s 73?

If the payment for the period from 1-1-2013 is made with interest but without penalty, will it render VCES void?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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27 December 2013 Dear Payal,

It is but obvious that the period not covered under VCES shall be governed by the normal provisions of the Finance Act 1994.

It should not render VCES void but there is no escape from the penalty.

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