Accounting code

This query is : Resolved

Maheen (Querist)
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07 November 2008 I am unable to get the accounting code for 'Rent on Immovable Property' and the codes for interest and penalty for late payment.

Moreover how much interest and penalty is applicable for late payment? Pls advise

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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07 November 2008 S.T 00440416
CESS 00440298
SHE CESS 00440426
INTEREST 00440407
PENALTY 00440407

LATE PAYMENT INTEREST -- SIMPLE INTEREST @13% PER ANNUM.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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07 November 2008 Penalty for non payment of service tax is levied u/s 76.
It says failure to pay service tax attracts penalty which is not less tha Rs 200/-perday till failure continues or @2% per month of service tax payable which ever is higher so however that total amount of penalty shall not exceed the service tax amount.

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