Penalty for Late filing of Service tax returns

Penalty for Late filing of Service tax returns

Section 70 (1) of the finance act 1994 along with Rule 7 C

Manner of Default	Penalty
Late filing of returns	Delay In Days Penalty Amount up to 15 days Flat Penalty of Rs.500/- Beyond 15 days and upto 30 days Flat Penalty of Rs.1000/- Delay beyond 30 days Rs.1000/-  plus Rs.100 per day of delay beyond 30 days Provided the total amount payable in terms of this rule shall not exceed the amount specified in Sec.70 of the Act. i.e. late fee upto Rs.20,000/-

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