Dear Respected Members/Experts
The assess has paid service tax more than exact payable, for 1st and 2nd Qtr, but the assessess has also made a mistake that he paid less interest than actual for 1st qtr, and not yet file the service tax return for 1st Qtr,
I would be appreciate if you could brief the treatment of the excess amount paid and what would be the penalty amount for late filling for 1 beyond one month.
For an example.
Assessess Type: Contractor (Labour and Material suppler)
1st qtr sales
Gross Sale: 90 Lakhs
Service Tax Charged on 50 Lakh Sales bill, abatement taken with reveres mechanism
Rest Rs.40 Lakhs sales bill no Service Tax Charge
Total Rs. 247200/2= 123600
Tax Charges Rs.123600/-
Interest Charged Rs. 7436/-
Total Tax Payable for 1st Qtr was. 131036/-
One challan paid for April-12 to Aug-12, 243000/-
Interest paid 2443/- instead of 7436/-
Now the 1st Qtr due date was 25th November-12, but assessess yet to file the return, what would be the penalty liabilities for the assesess
and the most important thing is what amount the assess shall enter while filling-up the tax challan, the whole amount or only the exact for 1st Qtr, because one challan is used for 5 month tax.
Regards
Adv, H Rao
CAclubindia
