interest on late deposit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 August 2010
Dear Friends, what is the monthly interest rate on late filing of service tax amount
18 August 2010
Interest leviable @ 13% p. a. from the due date to the date of payment for service tax.
18 August 2010
Delay in payment of service tax, including a part thereof, attracts simple interest in terms of section 75 of the Act., The Rate of interest is as prescribed from time to time, in accordance with this section. At present the Rate of interest is 13% per annum. Further failure to pay service tax also attracts a penalty under section 76 of the Act, which shall not be less than Rs 200 for every day during which such failure continues or at the rate 2% of such tax per month whichever is higher, starting with the first day after the due date till the date of actual payment of the outstanding amount of service tax. however such penalty would not exceed the service tax payable
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Confusion around Form 26QB fields
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
Trending Online Classes
CAclubindia
