Question in point of law : service tax
Guest
(Querist) 27 September 2012
This query is : Resolved
Respected Seniors and my fellow mates,
I have a query regarding SECTION 76 of the Finance Act, 1994.
What was the amount of penalty payable U/S 76 of the Service Tax act on the A.Y. 2009 – 10 & 2010 – 11. ?
Section 76 of Finance Act, 1994 states that penalty can be charged at a maximum extent of Rs. 200 / day. Again i discovered that it has been amended and substituted by Finance Act 2006 by Rs. 100/ day. Penalty has been raised by the A. Commissioner for the A.Y. 2009-10 , 2010-11 @ 200/day.
Is it correct ???
So, please tell me from a authenticated source the prevailing rates of Sec – 76 of the Finance Act, Service Tax, that governed the A.Y. 2009 – 10 & 2010 – 2011 and what is the correct and applicable rate of penalty U/S 76 for the A.Y.: 2009-10 & 2010-11 ?
THANKS A LOT IN ADVANCE.
GOD BLESS YOU.
Sankaranarayanan
(Expert) 29 September 2012
Delay in filing of return: The return is required to be filed by the stipulated date as mentioned at para 6.1 above. Delay in filing of return attracts late fee. The late fee presently prescribed vide rule 7C of the Rules, is (a) Rs 500 for delay upto 15 days; (b) Rs 1000 for delay between 15 days and 30 days; and (c) Rs 1000 plus Rs 100 per day beyond 30 days, till the filing of return, not exceeding Rs 2000/-. To avoid late fee, the taxpayer must ensure timely filing of return. In case of returns filed late, the appropriate late fees should be paid at the time of filing the return, without waiting for any communication or notice from the department. Mere non-submission of evidence of payment of late fee along with the return is, however, not a ground for refusal to allow filing of the return.
http://www.servicetax.gov.in/circular/st-circular07/st_circ_97-2k7.htm
Guest
(Querist) 30 September 2012
Thank you sankar narayanan Sir a lot.
Adding again I think there was a amendment and the penalty is now 100/day. So, from which year it came into effect and Can you please let me know the prevailing rates of Sec – 76 of the Finance Act, Service Tax, that governed the A.Y. 2009 – 10 & 2010 – 2011 and what is the correct and applicable rate of penalty U/S 76 for the A.Y.: 2009-10 & 2010-11 ?
THANKS A LOT IN ADVANCE.
