Hi all,
I realized that I only paid a portion (less than 50%) of the service tax for my services in the month of Apriil. I am trying to pay the remainder in full. Does this mean I will have to pay Rs 200/day for the last 85 days (July 5th thru Sep 29)? in addition to the 18% interest in penalty on the unpaid taxes?
Appreciate any help. Thanks in advance
This is quite urgent.
-Rgds, Rajesh
Fine is not less than Rs.200 per day of default or 2% per month of tax due whichever is higher. Penalty does n't exceed the amount of tax and the interest rate is !3% not 18%.
If your Turnover in Preceding year is up to Rs. 60 Lac, the Interest rate will be applicable 15%.
enalty under Section 76 is reduced to Rs. 100 per day or 1% per month whichever is higher. As per proceedings of Circular No.137/167/2006-CX.4 dated 3.10.2007 If Interest is paid before the issuance of SCN Penalty u/s 76, 77 and 78 are treated to have been concluded.
i heard about st penalty is increased for rs 20000 instead of rs 2000 under rule 7c.....
is this applicable for nov 2011 ipcc exams...???
under rule 7C penalty for delay in furnishing return, what is the limit for total amount payable as late fee..??? is it 2000 or 20000..???
CAclubindia
