Penalty and interest

This query is : Resolved

BHARATH (Querist)
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13 February 2013 DEAR ALL

PLEASE LET ME KNOW REGARDING KVAT QUARTERLY VAT FILING RETURN HAS BEEN FILED IN TIME(15.01.2013) BUT UNFORTUNATELY STILL TAX PAYMENT(CHEQUE) NOT PAID TO THE LVO FOR RS.21000/- .

IN THIS REGARD I WANT TO KNOW WHAT WILL BE THE CHARGES TOWARDS INTEREST AND PENALTY?

RAGARDS
RAJ

CA. Hari Kishan

CA. Hari Kishan (Expert)
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14 February 2013 Answering the query assuming KVAT referred to is for the state of Karnataka.

The penalty shall be 10% for delay in payment as per section 72 and interest at 1.5% under section 36

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