Under which section of Income tax act, Assessee is liable to pay Interest on delayed payment of interest on tds, in case of demand notice issued by the department. and also what is the rate of interest.
26 December 2015
Section is same as in normal case i.e. section 201(1A) @ 1.5% per month from date of deduction to date of payment.and if it is not paid within 30 days of receipt of demand notice then interest @ 1% shall be charged additionally u/s 220. However the minor code shall be 400 in challan 281.
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