TaxTMI 
TaxTMI 
Question - what are amendment proposed in Sec.76 in Finance Bill 2015 ?
Amendment in Sec.76
01 Mar 2015 
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Penalty rationalization: caps and time bound waivers for service tax defaults to incentivise prompt payment and reduced penalties.
Amendment to Section 76 caps penalties for non fraudulent service tax defaults, grants a full penalty waiver if service tax and interest are paid within a short compliance period after notice, allows a reduced penalty where tax, interest and reduced penalty are paid within a short period after the assessing officer's order, and mandates penalty adjustment where tax is reduced on appeal with the reduced penalty benefit available upon timely payment after the appellate order. (AI Summary)
Amendment to Section 76 caps penalties for non fraudulent service tax defaults, grants a full penalty waiver if service tax and interest are paid within a short compliance period after notice, allows a reduced penalty where tax, interest and reduced penalty are paid within a short period after the assessing officer's order, and mandates penalty adjustment where tax is reduced on appeal with the reduced penalty benefit available upon timely payment after the appellate order. (AI Summary)