12 November 2008
I am having a rental income from commercial property of Rs. 1 lakhs per month as well as from residential flat Rs.5000/- per month so service tax is to be paid on both the rents or only on commercial property and could you please tell me from when I have to pay service tax and what is the interest and penalty for late payment. I have not paid service tax till now.
12 November 2008
75. Interest on delayed payment of Service Tax –
Every person, liable to pay the tax in accordance with the provisions of section 68 or rules made thereunder, who fails to credit the tax or any part thereof to the account of the Central Government within the period prescribed, shall pay simple interest [at such rate not below ten per cent and not exceeding thirty-six per cent per annum as is for the time being fixed by the Central Government, by Notification in the Ofiicial Gezette for the period] by which such crediting of the tax or any part thereof is delayed.
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