Hi Friends,
1. As Per rule under M.V.A.T. Act, If Anyone files late return i.e. for the month of Apr'2008 it has to be filed till 21st May'2008 but filed on 10th June'2008. In this case he will have pay interest of 1.25% Per Month ? I am having doubt regarding interest rate ?.
2. So, when the penalty comes into force i.e. when penalty is levied & at what rate / amount ?
Regards
Sanjiv.
Dear sanjiv,
Please find herewith the mVAT act rules for interest clarification
88. Rates of interest –
(1) The rates of interest for the purposes of sub-sections (1), (2) and (3) of section 30 shall be one and a quarter per cent. of the amount of such tax, for each month or for part thereof,
(2) The rate of interest for the purposes of section 52 shall be half per cent. of the amount of such tax for each month or for part thereof.
The rate of interest for the purposes of the sub-section (1) of section 53 shall be half per cent. of the amount of such refund for each month or for part thereof.
The rate of interest for the purposes of clause (b) of sub-section (6) of section 51 shall be one and a quarter per cent of the amount of excess refund which is to be recovered, for each month or part thereof.
(In above rule 88, after sub-rule (3) sub-rule (4) is added by Notification No. STR-1506/CR-38/Taxation-1 Dt.08.09.2006)
Dear Biren Thakkar,
I have got letter from Deptt. due to late return filling for Qtr.II,2009-10, Tha penalty has charged Rs. 5000/- u/s 29 (8),
If , the laibility has paid in time there is no relaxasion for dely filling return? and If we pay the payament will be made through which challan ??
Best regards/Jafar
CAclubindia
