26 August 2011
Service Tax Query :- pls send How to calculate service tax interest calculation apr 10 to sep 10 and oct 10 to mar 11. send mi interest calculation which day and how many percentage pay. plz send detailed answer.
plz calculation of these sexvice tax 2010-11.
APR 5270.625 MAY 23389.7075 JUNE 28789.51885 JULY 22937.045 AUG 36297.99425 SEPT 53937.2525 OCT 64984.3025 NOV 67199.79375 DEC 67199.79375 JAN 14038.8725 FEB 31776.44725 MAR -19280.6375
How to pay int on these amount 2010-2011 interest not include
26 August 2011
How to calculate Interest? ILLUSTRATION : Service Tax to be paid is Rs. 10000 for the month of July Cheque Deposited in Bank 17th October Cheque Realised on 20th October CALCULATION :
Rate of Interest is 18% p.a. Amount of service tax to be paid is Rs.10,000/- Due date for the month of July would be 5th August. Thus upto 5th August no interest is to be charged Days for which Tax Payment is Delayed = August 26 Days (31-5) September 30 Days October 17 Days (not 20) ---------------------------------------------------- Total 73 Days
Interest is to calculated as under Service Tax to be paid X Int. Rate / 100 X No. of Days / total no. of days in a year = Rs.10,000 X 18% X 73/365 = Rs. 360/- (Amount of Interest)
Thus Total Payment to be made is Rs. 10,000/- (Tax Liability) Add : Interest for Delayed Payment Rs. 360/- -------------------- Total Payment to be made is Rs. 10,360/-