No penalty. Interest @ 15% pa but if PY turnover is <=60 lacs, then @ 12% pa
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 30 June 2016
No penalty. Interest @ 15% pa but if PY turnover is <=60 lacs, then @ 12% pa
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 30 June 2016
Of course on Service Tax. Interest is paid on ST and ST is paid on taxable service. Interest is applicable on delayed payment of ST which is due to govt. Hope you have understood.
Sahil
(NA)
(159 Points)
Replied 30 June 2016
yeah thankyou so much madam. But what about tds??? If we are filing a declaration for nil tds return, then what would we be the case for Penalty for filing tds return?? As you have told earlier that no penalty if original tds return is filed????
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 30 June 2016
Even if you have filed NIL 26Q within the time limit, there is no late fee for revising the return.
subhash kumar jha
(PROFESSION)
(445 Points)
Replied 30 June 2016
If u will file TDS return now u need to deduct TDS @ 1 % or 20 % as the case may be. and u will be liable to pay interest @ 1.5 % and late fees @ 200 per days.
Dont do this a lot amount is minor show it as two three expenses , its ok.
Purnima G is correct as monetary limit under your case is Rs,75000.
subhash kumar jha
(PROFESSION)
(445 Points)
Replied 30 June 2016
in works contract service there is valuation rule where only 40 % or 70 % of total value of service shall be taxable and thereafter RCM @ 50%.
So finaly rate will be 2.9 % or 5.075 % for original work or other work
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 30 June 2016
@ Subhash: That is applicable where service portion cannot be determined. But here, service element is separately known. So can he still charge ST at composite rate?
Sahil
(NA)
(159 Points)
Replied 30 June 2016
@ Poornima Madam. Do i have to deposit interest on Swach Bharat cess also separately on challan with its interest Code???
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 30 June 2016
Yes. Here are the accounting codes: https://www.cbec.gov.in/htdocs-servicetax/st-circulars/st-circulars-2015/st-circ-188-2015
Sahil
(NA)
(159 Points)
Replied 30 June 2016
okk. it means i have to deposit service tax interest and swach bharat cess interest both???
subhash kumar jha
(PROFESSION)
(445 Points)
Replied 30 June 2016
Yes Poornimaa g is correct dont opt for composite.
Thank u Poornima g.
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 30 June 2016
@ Subhash: You are welcome :)
@ Sahil: Yes, you need to pay Service tax and interest on ST, SBC and interest on SBC.
Sahil
(NA)
(159 Points)
Replied 30 June 2016
@ Poornima Madam. Suppose Service Amt is Rs.125,000/- Then how much Service tax @ 14% and SBC @ 0.5% and Interest do i have to pay on this amt????
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