SERVICE TAX

CALCULATION OF INTEREST

YEARLY 13%

CALCULATION WILL BE DONE FOR EACH DAY

STARTING DATE AND PAYMENT DATE BOTH DAYS ARE INCLUSIVE

( Rs 5000 X 13% / 365 Days * 13 Days =  Rs 27.78  Rounded To Rs 28.00 For  13 Days)

.

Interest is to calculated after 5th jan or frm 1st jan

Prathamesh

As per Section 75

Every person, liable to pay the tax in accordance with he provision of section 68 or rules made thereunder, who fails to credit the tax or any part thereof to the account of the central government within the period prescribed, shall pay simple interest at the rate of 13% p.a. for the period such crediting of the tax or any part thereof is delayed.

So inerest will be charged from 6th day of the month.

Originally posted by : EKALABYA TALUKDAR
	CALCULATION OF INTEREST   YEARLY 13% CALCULATION WILL BE DONE FOR EACH DAY STARTING DATE AND PAYMENT DATE BOTH DAYS ARE INCLUSIVE ( Rs 5000 X 13% / 365 Days * 13 Days =  Rs 27.78  Rounded To Rs 28.00 For  13 Days) .

AGREE WITH THIS..

The date of payment in case of cash payment is the date on which cash is deposited and in case of cheque payment, the date of payment is when the cheque is presented.