Penalty intrest rate

249 views
User Avatar

34 Points Posted on 07 December 2020
suppose if I took rs 5000 extra ITC for done a double purchase entry mistake
then how much penalty I have to pay and how much is the interest rate is?
0 Reply Share Follow
On 07 December 2020 at 11:49 Report
Replies (4)
Quick Summary
This discussion addresses the penalties and interest applicable if you mistakenly claim extra Input Tax Credit (ITC) due to a double purchase entry. The prevailing interest rate for such discrepancies is 18% per annum, as per Notification No. 13/2017 Central Tax dated 28 June 2017. The exact penalty amount would depend on the specific circumstances and tax regulations.

User Avatar

Accountant
3662 Points Posted on 07 December 2020
Interest rate is 24%
1 Reply
On 07 December 2020 at 12:19
User Avatar

34 Points Posted on 07 December 2020
Per month
Reply
On 07 December 2020 at 12:30
User Avatar

Accountant
3662 Points Posted on 07 December 2020
Per annum.....
Reply
On 07 December 2020 at 14:00
User Avatar

QUALIFIED CHARTERED ACCOUNTANT
613 Points Posted on 08 December 2020

Rate of interest will be 18% p.a. vide Notification no. 13/ 2017 Central tax Dated 28 June 2017 ,

Reply
On 08 December 2020 at 00:20

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Can we get registered for MCA if we get a Virtual
  2. DONATION PAYMENT REG
  3. GST IDS Refund – Statement 01A: Invoice Not
  4. TDS deposit code & TDS return
  5. AIS VS GST Mismatch- FY 2025-26
  6. Gross total income
  7. Export Compliance
  8. Sale of plots in open land
  9. Income tax query
  10. Best CA Inter coaching in laxmi nagar

More recent discussions | Post

Related Topics :

Loading