Amendment in Sec.73

[Admin TMI]

Question - What are proposed amendment in Section 73 in Finance Bill 2015 ?

AI Summary

Amendments to Section 73 in Finance Bill 2015: New Recovery Process for Unpaid Self-Assessed Service Tax Introduced The discussion addresses amendments to Section 73 in the Finance Bill 2015 concerning service tax. A new sub-section (1B) is introduced, allowing for the recovery of self-assessed service tax declared in returns but unpaid, under section 87, without requiring notice under sub-section (1) of section 73. Additionally, sub-section (4A), which allowed for reduced penalties if complete transaction details were available in specified records, is being removed.