service tax penalty

Section wise Penalty Chart under GST

Income Tax - 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 cov...

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Penalty for Late Filing of Service tax Return

Income 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 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 f...

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Penalties under Service Tax w.e.f. 14.05.2015

Income Tax - 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 num...

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Penalties Section 76 & 78 of the Finance Act under Service Tax

Income Tax - 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....

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Penalties Under Service Tax Law

Income 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 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)...

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Open letter for extension of Due dates under Income Tax and GST

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 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 […]...

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Representation for Extension of time for Tax Audit & Return

Income Tax - 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 […]...

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Extend Income Tax & GST Audit/Return/Compliance dates

Income Tax - 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...

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Waive Late Fees for Delayed Filing of GST Returns

Income Tax - 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, G...

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Service Tax Penalty norms encouraging voluntary compliance

Income Tax - He said, the second significant change is in respect of penalty provisions vide Sections 73, 76 and 78. These provisions have been rationalised and harmonized to encourage voluntary payments. In case of voluntary payments along with interest, the quantum of penalties have been rationalized by reducing the percentage of penalty depending u...

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Recent Posts in "service tax penalty"

Open letter for extension of Due dates under Income Tax and GST

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 […]...

Read More
Posted Under: Income Tax | ,

Representation for Extension of time for Tax Audit & Return

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 […]...

Read More
Posted Under: Income Tax | ,

Extend Income Tax & GST Audit/Return/Compliance dates

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...

Read More
Posted Under: Income Tax | ,

Waive Late Fees for Delayed Filing of GST Returns

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, G...

Read More
Posted Under: Income Tax | ,

Section wise Penalty Chart under GST

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 cov...

Read More
Posted Under: Income Tax |

Penalty for Late Filing of Service tax Return

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 f...

Read More
Posted Under: Income Tax | ,

Penalties under Service Tax w.e.f. 14.05.2015

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 num...

Read More
Posted Under: Income Tax | ,

Penalties Section 76 & 78 of the Finance Act under Service Tax

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....

Read More
Posted Under: Income Tax | ,

Penalties Under Service Tax Law

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)...

Read More
Posted Under: Income Tax | ,

Service Tax Penalty norms encouraging voluntary compliance

He said, the second significant change is in respect of penalty provisions vide Sections 73, 76 and 78. These provisions have been rationalised and harmonized to encourage voluntary payments. In case of voluntary payments along with interest, the quantum of penalties have been rationalized by reducing the percentage of penalty depending u...

Read More
Posted Under: Income Tax |

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