Late vat return filling penalty

This query is : Resolved

sunil (Querist)
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21 August 2013 Dear Sir,

I have filled the Karnataka Vat nil return for last three months after due date

Request to you please advise me how much penalty to be paid for one month.

Thanks
Sunil

CA. RAVIKUMAR

CA. RAVIKUMAR (Expert)
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24 August 2013 As per the Act
1) a) a penalty of fifty rupees for each day of default and where such default is more than five days, such penalty.- (i) shall not exceed two hundred and fifty rupees if the tax due is less than the said amount;
b) hall be calculated at fifty rupees per day not exceeding the amount of tax due, if the tax due is more than two hundred and fifty rupees

Further penalty of five per cent of the amount of tax due or fifty rupees whichever is higher, if the default is not for more than ten days; and (ii) ten per cent of the tax due, if the default is for more than ten days.]]

In your case

The penalty per month is Rs 250 and also further penalty is not applicable as your delay in filing the return is more than 10 days and as no tax ix payable.

The power to levy the above penalties shall be vested in the prescribed authority

You need not to pay penalty unless demand from the prescribe authority comes.