What is the rate of Interest & Penalty for late payment of tax and late submission of wbvat return ?
2 Replies
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 23 June 2011
| Originally posted by : PARTHA PRATIM MUKHERJEE | ||
 |
What is the rate of Interest & Penalty for late payment of tax and late submission of wbvat return ? |
 |
- interest -12% per annum ( 1% per month or part thereof) sec 33 of wbvat act
- Penalty
Rule 40 – Clause (c) of rule 40 is fully reconstructed and it is divided in two
parts, one is effective for the period from 1.4.07 to 31.3.08 and next is
operative from 1.4.08 onwards. In the first part, calculation of late fee is
linked with 50%of net tax payable in each quarter or Rs. 2000/- whichever is
lower. In the second part, calculation of late fee is totally delinked with tax
payment in each quarter. It has been provided that whatever may be the tax
amount, late fee is payable at Rs. 2000/- for the 1
st
month and @ Rs. 500/-
per month from the second month onwards. Accordingly, late fee of Rs.
2000/- and @ Rs. 500/- per month is payable from August, 2008 and
September, 2008 onwards respectively for the quarterly return of the period
ending on 30.06.08.
Two provisos are added to rule 40 which are made operative w.e.f.
1.4.07. According to 1
st
proviso, when quarterly returns are submitted
without making full payment of tax and interest, late fee is payable upto the
date of final payment or the date of provisional assessment u/s. 45 or the
date of general assessment u/s. 46 or u/s. 48. As per second proviso, when
quarterly returns are not submitted, late fee is payable upto the date of
provisional assessment, u/s. 45 or the date of general assessment u/s. 46 or
u/s. 48.
Vikram Kharal
(Dispur 6)
(26 Points)
Replied 24 June 2011
please help with the calculation of sales tax on Guest house
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