Penalty for failure in depositing service tax
This query is : Resolved
29 December 2015
Whether there is any penalty for delay in depositing service tax and whether it is payable in all cases.
30 December 2015
For simple late payment does not attract Penalty. However any non-payment is detected by Department then a penalty not exceeding ten per cent of the amount of such service tax is leviable u/s 76 of Finance Act 1994. Read Section 76, 77 and 78 you'll be able to take decision. The act is available at goo.gl/yWqAHh. Feel free to ask further.
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