Late fee
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 August 2015
Dear Sir,
Service Tax payable for the 2nd half yearly return of fy 2014-15 is only Rs. 3280/-. Please clarify how much late fee that assessee has to paid if he files his return on 12/07/2015. Whether the late fee can exceed the tax amount?
Please reply soon.
Service Tax payable for the 2nd half yearly return of fy 2014-15 is only Rs. 3280/-. Please clarify how much late fee that assessee has to paid if he files his return on 12/07/2015. Whether the late fee can exceed the tax amount?
Please reply soon.
11 August 2015
The interest can be exceed from basic duty if it will not paid on time. Within 6 month interest can be imposed 18% and after another 6 month 24% and after one year 30%.
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 August 2015
Sir, I am asking about late fee not the interest
02 August 2024
For the Service Tax return, late fees are governed by the Service Tax Rules, 1994. Here’s how you can calculate the late fee for filing the return:
### **Late Fee Calculation:**
1. **Due Date for Filing Returns:**
- **Half-Yearly Return:** For the second half of FY 2014-15 (i.e., October 2014 to March 2015), the due date for filing was 25th April 2015.
2. **Late Fee Amount:**
- **Late Fee Structure:** As per Rule 7C of the Service Tax Rules, 1994, the late fee for delayed filing of Service Tax returns is as follows:
- **Up to 1 month:** ₹500
- **More than 1 month but up to 6 months:** ₹1,000
- **More than 6 months:** ₹1,000 plus ₹100 for each additional month or part thereof.
3. **For Return Filed on 12/07/2015:**
- The return is filed on 12th July 2015, which is approximately 2 months and 17 days past the due date (25th April 2015).
4. **Late Fee Calculation:**
- Since the return is filed between 1 month and 6 months late, the applicable late fee is ₹1,000.
5. **Late Fee Cap:**
- The late fee cannot exceed the amount of Service Tax payable. Since the Service Tax payable is ₹3,280, the late fee of ₹1,000 is well within this limit.
### **Conclusion:**
- **Late Fee Payable:** ₹1,000.
- **Late Fee vs. Tax Amount:** The late fee of ₹1,000 is less than the Service Tax payable of ₹3,280, so it does not exceed the tax amount.
### **Summary of Late Fee Payment:**
1. **Service Tax Payable:** ₹3,280.
2. **Late Fee:** ₹1,000 (for the delay of over 2 months but less than 6 months).
**Total Amount Payable**: ₹3,280 (Service Tax) + ₹1,000 (Late Fee) = ₹4,280.
Ensure to pay the late fee and Service Tax promptly to avoid further penalties or interest.
### **Late Fee Calculation:**
1. **Due Date for Filing Returns:**
- **Half-Yearly Return:** For the second half of FY 2014-15 (i.e., October 2014 to March 2015), the due date for filing was 25th April 2015.
2. **Late Fee Amount:**
- **Late Fee Structure:** As per Rule 7C of the Service Tax Rules, 1994, the late fee for delayed filing of Service Tax returns is as follows:
- **Up to 1 month:** ₹500
- **More than 1 month but up to 6 months:** ₹1,000
- **More than 6 months:** ₹1,000 plus ₹100 for each additional month or part thereof.
3. **For Return Filed on 12/07/2015:**
- The return is filed on 12th July 2015, which is approximately 2 months and 17 days past the due date (25th April 2015).
4. **Late Fee Calculation:**
- Since the return is filed between 1 month and 6 months late, the applicable late fee is ₹1,000.
5. **Late Fee Cap:**
- The late fee cannot exceed the amount of Service Tax payable. Since the Service Tax payable is ₹3,280, the late fee of ₹1,000 is well within this limit.
### **Conclusion:**
- **Late Fee Payable:** ₹1,000.
- **Late Fee vs. Tax Amount:** The late fee of ₹1,000 is less than the Service Tax payable of ₹3,280, so it does not exceed the tax amount.
### **Summary of Late Fee Payment:**
1. **Service Tax Payable:** ₹3,280.
2. **Late Fee:** ₹1,000 (for the delay of over 2 months but less than 6 months).
**Total Amount Payable**: ₹3,280 (Service Tax) + ₹1,000 (Late Fee) = ₹4,280.
Ensure to pay the late fee and Service Tax promptly to avoid further penalties or interest.
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