Change in Budget on 'Renting act' restrospectively - Interest and peanlty on rent not paid earlier

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..... Change in Budget on 'Renting act' restrospectively - Interest and peanlty on rent not paid earlier
Query (Issue) Started By: - chaganti srinivas Dated:- 5-3-2010 Last Reply Date:- 6-3-2010 Service .....

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..... Tax
Got 3 Replies
Service Tax
Dear Sir, Since there is a change in the Budget on 'Renting act' restrospectively from 1st june'2007 making 'Rent itself is a taxable service' now, Do we need .....

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..... to pay Interest and penalty on the rent whichever is not paid earlier. Reply By SOHRABH JINDAL: The Reply: YES., according to clause- c of section 76 of the finance bill- 2010, interest and penalty s .....

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..... hall be recovered. Reply By Vijay Chitte: The Reply: Interest is mendatory but, penalty can not be impoesed, if S. tax is paid before Show cause notice. And this will also proposed in this Budget, ins .....

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..... ert an explanation in sub-saction (3) of Section 73 to clarify that no penalty shall be imposed where service tax along with interest has been paid before issuance of notice by the department. Reply B .....

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..... y RAJESH MANGAL: The Reply: I am agreed with the reply given by Mr Vijay. Further to add, tax will be levied retropectively w.e.f 01.06.07 only after the bill will be enacted.
Discussion Forum - K .....

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..... nowledge Sharing .....

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