Goods and Services Tax : All about Penalties under GSTArticle discusses Penalties under GST regime for failure to furnish returns i.e. details of Outward s...
Service Tax : File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000 - Under the existing scheme of law, Rule 7 of t...
Service Tax : Finance Act 2015 has drastically amended the penalty provisions under the Finance Act 1994 (Service Tax law) in order to ensure no...
Service Tax : he main provision of penalty is covered under Section 76 & 78 of the Finance Act, 1994. These sections have been amended by Financ...
Service Tax : Section 70 (1) late fee for delay in filing the return- If Half-yearly Service Tax Return (ST-3 / ST-3A) is filed after the due da...
Income Tax : A letter is doing round on Social Media which is written on behalf of All Professionals, Tax Payers and Stakeholders in which A ...
Income Tax : The Uttar Pradesh Tax Bar Association has made a Representation for Extension of time for filing Income Tax Return and for Income ...
Income Tax : Vyyapaar Mandal Association, Nagore & All India MSME and Tax Practitioners Association (AIMTPA) has made a representation to F...
Goods and Services Tax : Karnataka State Chartered Accountants Association requested For Relief from Late Fees for Delayed Filing of GST Statements / Retur...
Service Tax : He said, the second significant change is in respect of penalty provisions vide Sections 73, 76 and 78. These provisions have been...
Service Tax : CESTAT Chennai has quashed penalties in a tax dispute case. Details of the case and the impact of pending constitutional validity ...
CESTAT Chennai has quashed penalties in a tax dispute case. Details of the case and the impact of pending constitutional validity challenge discussed.
A letter is doing round on Social Media which is written on behalf of All Professionals, Tax Payers and Stakeholders in which A very humble prayer for further relaxation of provisions of section 139(1) and section 44AB of the Income Tax Act, 1961 by granting extension of due date and specified date respectively etc. from […]
The Uttar Pradesh Tax Bar Association has made a Representation for Extension of time for filing Income Tax Return and for Income Tax Audit and they requested for extension of due dates to 31.03.2021 from the existing due dates of 31.12.2020. Download Representation for Extension of time for Tax Audit & Return in PDF Format […]
Vyyapaar Mandal Association, Nagore & All India MSME and Tax Practitioners Association (AIMTPA) has made a representation to FM for Extension of Due date of GST Annual Returns F.Y. 2018-19 and 2019-20, and Income Tax Return & Tax Audits for A.Y. 2020-21 and compliance of Notices. Relevant Text of their Representation is as follows:- Dated: […]
Karnataka State Chartered Accountants Association requested For Relief from Late Fees for Delayed Filing of GST Statements / Returns from August 2020 to March 2021. Full Text of the representation is as follows- KARNATAKA STATE CHARTERED ACCOUNTANTS ASSOCIATION (R) Date: 17th December 2020 To, Smt. Nirmala Sitharaman Hon’ble Chairman, GST Council 15, Safdarjung Road New […]
All about Penalties under GSTArticle discusses Penalties under GST regime for failure to furnish returns i.e. details of Outward supplies or Inward supplies, Failure to furnish Annual return u/s 44, Electronic Commerce operator failing to furnish information required through Notice u/s 52(12), failure to pay tax or correct tax, Person covered u/s 150 for failure to furnish information return or wilfully furnishing false information return etc.
File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000 – Under the existing scheme of law, Rule 7 of the Service tax Rules, 1994 read with its sub-rules deals with the provisions relating to the service tax return. As per Rule 7C; where the return prescribed under rule 7 is furnished after the date prescribed for submission of such return, the person liable to furnish the said return shall pay to the credit of the Central Government, from the date prescribed for submission of return i.e. 25th of the month following the particular half year till the date of furnishing of the said return, the following penalty:
Finance Act 2015 has drastically amended the penalty provisions under the Finance Act 1994 (Service Tax law) in order to ensure nondiscriminatory form of penalties. Earlier penalties u/s 76 (for short payment of S/Tax) and u/s 78(Suppression of facts) used to be at Rs 100/- per day or 1% per month whichever is higher. This lead to the number of litigation upon the calculation of penalty.
he main provision of penalty is covered under Section 76 & 78 of the Finance Act, 1994. These sections have been amended by Finance Bill, 2015 to rationalize the penalty. The amended provisions are compiled by me in following paragraph.
Section 70 (1) late fee for delay in filing the return- If Half-yearly Service Tax Return (ST-3 / ST-3A) is filed after the due date of return filing then, the assessee is required to deposit late fees depending upon the period of delay. Such late fee can be a maximum of Rs. 20,000/- [ Please Refer: Section 70(1), Finance Act, 1994)
