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PERSONAL PENALTY ON COMPANY DIRECTORS

Service Tax - By: - Dr. Sanjiv Agarwal - Dated:- 2-11-2015 - Penalty for Offences by Director etc. of Company (section 78A - w.e.f. 10.05.2013) Finance Act, 2013 has inserted a new section 78A in the Finance Act, 1994 to provide for penalty for offences by director etc of a company w.e.f. 10.05.2013. Section 78A reads as under - 78A. Where a company has committed any of the following contraventions, namely:- evasion of service tax; or issuance of invoice, bill or, as the case may be, a challan w .....

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irector, manager, secretary or other officer of such company, who at the time of such contravention was in charge of, and was responsible to, the company for the conduct of business of such company and was knowingly concerned with such contravention, shall be liable to a penalty which may extend to one lakh rupees. . section 78A has been inserted so as to impose penalty, which may extend up to one lakh rupees, on director, manager, secretary or other officer of the company for knowingly involved .....

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esponsible to Company for conduct of business of Company If knowingly involved in specified contraventions Penalty may be levied on more than one person for single contravention/offences Specified Contraventions Evasion of Service Tax Issuance of bill/Invoice/challan without provision of service in violation of rules. Availment and utilization of credit of taxes /duties without actual receipt of services / goods either fully or partially. Failure to pay amount collected as service tax to the cre .....

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