How to calculate late fee and interest regarding VAT 240 form for the financial year 2014-15
What are the procedure to File VAT 240 form for the financial year 2014-15
How to calculate late fee and interest regarding vat
Replies (1)
For Form VAT 240 (FY 2014-15), the late filing penalty is generally Rs. 5,000 plus Rs. 50 per day of delay under Section 74. Interest on unpaid tax is calculated monthly on the outstanding tax liability at the statutory rate applicable during the delay period. Please consult a local tax professional or the Karnataka Commercial Tax Department to confirm if any specific demand notices apply to your case.
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