sagar (Student) (49 Points)
24 January 2013Dear all,
Please clarify my query regardind to kar vat,
I has paid the VAT by issuing the cheque but subsequently after two months we have reliased that the issued cheque was bounced so now
whether the interest & penalty will applicable for the VAT as per KVAT rules?
Shankar Reddy.V
(Tax consultant)
(81 Points)
Replied 25 January 2013
Yes, penalty @ 10%, and interest @ 1.5% Per month is payable by DD
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