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Belated fileing of returns for one day
Sir I want to know about kvat
That I have field the returns one day late in April 2015 today have received a notice from vat office to pay interest for belated fileing of returns for some months for the assessment year April 2015
So what is the penalty or interest shall I pay for it
Replies (5)
Interest @ 1.5% per month or part of month.
Penalty - Rs 200 per day. (can be ignored)
Sir I haven't understood what to ignore
Ignore interest @ 1.5% per month or
Rs 200 per day
We can ignore penalty of Rs 200/-
Sir I want to know about the kvat is there any assessment called annual assessment please explain me about that and how many types of assessments r there
| Karnataka | Annual Turnover < Rs.25 lakhs | Quarterly | 15th of next month | |
| Annual Turnover >= Rs.25 lakhs | Monthly | 20th of next month |
Now be specific about the query, as 20th is sunday so if return is filed on 21st , its well valid,
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