TaxTMI 
TaxTMI 
Change in Budget on 'Renting act' restrospectively - Interest and peanlty on rent not paid earlier
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....hange in Budget on 'Renting act' restrospectively - Interest and peanlty on rent not paid earlier<br> Query (Issue) Started By: - chaganti srinivas Dated:- 5-3-2010 Last Reply Date:- 6-3-2010 Service ....
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....Tax<br>Got 3 Replies<br>Service Tax<br>Dear Sir, Since there is a change in the Budget on 'Renting act' restrospectively from 1st june'2007 making 'Rent itself is a taxable service' now, Do we need t....
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....o pay Interest and penalty on the rent whichever is not paid earlier. Reply By SOHRABH JINDAL: The Reply: YES., according to clause- c of section 76 of the finance bill- 2010, interest and penalty sh....
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....all be recovered. Reply By Vijay Chitte: The Reply: Interest is mendatory but, penalty can not be impoesed, if S. tax is paid before Show cause notice. And this will also proposed in this Budget, inse....
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....rt an explanation in sub-saction (3) of Section 73 to clarify that no penalty shall be imposed where service tax along with interest has been paid before issuance of notice by the department. Reply By....
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.... RAJESH MANGAL: The Reply: I am agreed with the reply given by Mr Vijay. Further to add, tax will be levied retropectively w.e.f 01.06.07 only after the bill will be enacted.<br> Discussion Forum - Kn....
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