Penalty for late filing of return.

[Asked by Guest]

What is minimum and maximum penality for late submission of Half yearly return.

Section 77 of Finance Act 2004 provides a general penalty of maximum of Rs.1000/- for any contravention of the Act or Rules for which no separate penalty is provided.

[Ravi Chopra]

There is no minimum penalty has been prescribed for such fault. Under section 77 (a residual peanlty) applicable to this query prescribes a maximum penalty of Rs. 1,000 of such failure.

[rishi mohan]

The maximum penalty for late submission of half yearly return is Rs 1,000/-. If it has not been late for more than a month then the penalty shall be reduced.

AI Summary

Late filing penalty under Section 77 capped and eligible for reduction where the delay is under one month.
A residual penal provision caps the monetary sanction for late submission of half-yearly service tax returns, prescribes no minimum penalty, and allows reduction of the penalty where the default is for less than one month.