TaxTMI 
TaxTMI 
Question - What are proposed amendment in Section 73 in Finance Bill 2015 ?
Amendment in Sec.73
01 Mar 2015 
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Recovery of self-assessed service tax can be made under section 87 without prior notice, and reduced penalty provision omitted.
Introduces a new sub section providing that self assessed service tax declared in the return but not paid shall be recovered under section 87 without service of any notice under section 73(1). Also omits sub section (4A), which had permitted a reduced penalty where true and complete transaction details were available on specified records, thereby removing that penalty mitigation. (AI Summary)
Introduces a new sub section providing that self assessed service tax declared in the return but not paid shall be recovered under section 87 without service of any notice under section 73(1). Also omits sub section (4A), which had permitted a reduced penalty where true and complete transaction details were available on specified records, thereby removing that penalty mitigation. (AI Summary)