Hey..ppl
Can anyone tell the late fee that is applicable now as per the Budget 2011, for late filing of service tax returns.
Thanx.. in advance..
DAYANANDA K N
(ACCOUNTS EXCECUTIVE)
(575 Points)
Replied 04 June 2011
As amended in Finance Act 2011
The maximum penalty under Section 70 for delay in filing of return has been increased from Rs.2,000 to Rs.20,000. The amount of penalty will continue to be computed in accordance with Rule 7C of the Service Tax Rules, 1994, i.e. Rs. 500 for the first 15 days, Rs. 1000 for the first month, and Rs. 100 per day thereafter
Regards
Dayananda
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