DYKS No. : 350 | Date : 31/12/2014

Dear Professional Colleague,

Deadline for balance payment under VCES Scheme

Team Do You Know Series
Wishes you a Very Happy New Year 2015


 

Dear Professional Colleague,

The VCES Scheme was introduced to grant immunity from interest, penalty and other Legal proceedings including prosecution. As per sub- section (4) of section 107 of the Finance Act, 1994, last date for the payment of balance amount, if not paid on or before 30.06.2014, along with interest is 31.12.2014; failing which, the assesse would not be able to take the benefit of VCES Scheme.

Moreover, deadline prescribed under VCES could not be extended by any authority, as held in the case of Teknow Overseas (P) Ltd Assistant Commissioner of Service Tax (VCES), Delhi, (2014) 45 Taxmann.com 542 (Del).

To avoid any adverse consequence, all the declarant are suggested to deposit the balance tax along with interest by Today (31.12.2014).

Hope the information will assist you in your Professional endeavors.

 

With regards,
Atul Kumar Gupta
B Com (Hons) FCA, FCMA, LLB, MIMA, CIQA, PGDEMM
Central Council Member of ICAI (2016-2019)
Former Chairman NIRC of Institute of Chartered Accountants of India
Former Chairman NIRC of Institute of Cost Accountants of India
Author of “Comprehensive Guide to Service Tax” & “GST Concept & Roadmap”
Mobile : 9810103611
Email : atul@servicetax.net