Penalty for late filing of return

[ranganath shenoy]

The service provider wants to delay the filing of half yearly service tax return by 15 days in order to file a correct return for which he requires the time.Apart from the late fees of RS.500/, are there any other cosequences.Are there any other penalties for late filing.Are we barred from rectifyng a late return within sixty days.Is benefit of provisional assesment lost etc ???

AI Summary

Service Provider Queries Late Filing Penalties and Rectification Rules Under Notification No. 20/2007 for Service Tax Returns A service provider intends to delay filing a half-yearly service tax return by 15 days to ensure accuracy. Besides a late fee of Rs. 500, they inquire about other penalties, the ability to rectify a late return within 60 days, and the impact on provisional assessment benefits. The response clarifies that according to notification no. 20/2007, penalties for late filing should not exceed the tax amount due. It also states that rectifying a return is not considered late filing if done within the due date or with the applicable penalty, and the revised return is valid as an original return.