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Service tax at a Glance

 

 

 

Penalty Provisions till 2014- A Tabular Summary

Sec Nature Particulars Amount Remarks Waiver u/s 80
75 Interest Delay in Days 18% Compulsory Not Appl.
70 Late filing fees of Return Delay in Days 0-15 : 500 (+) Compulsory No
16-30 : 500 (+)
31-190 : Rs. 100/- day
Maximum 20,000
76 Penalty on  Late Payment of tax  Delayed Payment 100/- day or 1% p.m. whichever is higher No penalty if  tax and interest is paid before issuance of SCN-Sec73(3) Yes, on reasonable cause
Maximum Penalty 50% of Tax due
77 Penalty - Miscellaneous Failure to pay tax through Internet Banking (Where Tax paid >10 lacs in a Financial Year/ Previous Year) upto 10000 Maximum amount specified, can be lower Yes, on reasonable cause
Contravention of various provisions
78 Penalty for Fraud, Suppression etc. True and complete details captured in records 50% of Tax - Proviso to Sec-78 A) Penalty 1% p.m. upto max 25% of Tax if Tax+Interest is paid before SCN-Sec 73(4A)
B) 25% of tax if Tax+Int + Penalty is paid within 30 days of OIO -Second Proviso to Sec 78
Yes, on reasonable cause
Not captured in records 100% of Tax  Compulsory No

 

More details about Penalty

Service tax at a Glance

Penalty Provisions-A Tabular Summary-2015