28 December 2010
DEAR SIR(S), I WANT TO PAY SERVICE TAX FOR THE FIRST QUARTER i.e.APRIL-JUNE, 2010 - RS.3000 AND FOR THE SECOND QUARTER JULY-SEPT.,2010 - RS. 6000. HOW MANY INTEREST / PENALTY I SHOULD PAY ?. PLS GUIDE ME WITH CALCULATION. THE ASSESSEE IS AN INDIVIDUAL CONCERN WITH PROPRIETORSHIP FIRM AND HAVING REGISTRATION OF 'REPAIR OR MAINTENANCE SERVICE'
29 December 2010
In case of non-corporate assessees, the due date for payment of service tax is the 5th of the subsequent month following the quarter, i.e. for April - June 2010 the due date is 5th July 2010 and for the July - September 2010 is 5th October 2010.
Interest has to be paid @ 13% per annum on the delayed period. The calculation would be as under: ((Service Tax x 13%)/365)x No.of days delay.
The Department retains the right to levy a penalty of Rs.200 per day of delay or 2% per month whichever is higher subject to the maximum claim equal to the service tax payable.
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