CA Amit Kumar (C.A., CWA Final) (251 Points)
08 January 2010Please let me know what the interest rate will be charge in case of late deposit of service tax?
and also any interest or penalty will be allowed expenditure on late deposit of service tax, TDS or return filing.
Amir
(Learner)
(4016 Points)
Replied 08 January 2010
Dear AMIT,
INTEREST RATE IS 13% PER ANNUM...
Further calculation is to be made on day wise unlike Income tax where part of the month is treated as Full month..
Like:-U HAVE DEPOSITED ON 10.01.2009 THEN INTEREST WILL BE
AMOUNT *13/100*5/365
Anand
(Chartered Accountant)
(166 Points)
Replied 09 January 2010
Hi......
Interest will be charged at rate 13% p.a. for the day form the last date of deposit to actual date of deposit.
Biju.V
(Accountant)
(128 Points)
Replied 15 January 2010
If the assasse is Indivatual and due date is quarterly, whether the interest is calculated per month of per quarter???? Please answer
Thanks in Advance
Amir
(Learner)
(4016 Points)
Replied 15 January 2010
Dear Biju,
Interest is calculated on monthly basis even in case of individuals.........
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