Hello

This query is : Open

Rajani (Querist)
Follow

01 February 2011 I hav doubt in vat .
1. How to caluculate vat interest, in karnataka interest caluculations .
2. one of my CA friend told interest caluculation -500*15%/365*no of days . it is correct or wat i dont knw please confirm me. its 2010-11 april month return.
3. totaly i want revised april,may.june,july ,august,sept-2010.in all months also interest apllicable .

Rajani

C.A.Javid Patel

C.A.Javid Patel (Expert)
Follow

01 February 2011 Dear Rajani, please revised all retur as above tax the effect on amount is minimum. or pay 50 or 100 Rs extra.

B R Ramesh

B R Ramesh (Expert)
Follow

01 February 2011 Hi

the interest calculated on monthly basis at the rate 1.25% interest per month.

10 % penalty on the tax liability.

if the due date is 20th may

you need to consider from 20th may to 20 th june 1 month like that you need to calculkate the interest.

Upgrade to CAclubindia Pro. Subscribe Now!

C.A.Javid Patel

C.A.Javid Patel (Expert)
Follow

01 February 2011 Ramesh Sir She is asking about Karnataka Vat

Rajani

Rajani (Querist)
Follow

01 February 2011 Dear Ramesh and Javid patel

Pls get me out off dis problem & confuse .

How to caluculate inerest and penalty for 2010-11 Fy . for above mentioned 6months ,
Expline me with one example , it ll help me. i m requesting both of you, reply me as soon as posible.

awaiting for yours reply.

Rajani