02 July 2011
what is the interest rate for delay payment of TDS, if it is not yet deducted as it falls in the P.Y 2010-11. Kindly explain the procedure to rectify the same
02 July 2011
Up to 30/06/2010 interest rate was 1% per month or part of a month. From 1/07/2010 the rate is as follows:- i) 1% for every month or part of a month from the date on which tax was deductible to the date on which it is deducted. ii) 1.5% per month or part of a month on the amount of such tax from the date of deduction to the date on which such tax is actually paid.
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