24 January 2012
1)Section is 201(1A). 2)Rate of Interest is 1.5% for every month or part of a month from the date of deduction to the date of payment. 3)Effective date is 1/7/2010.
(i) at one percent for every month or part of the month on the amount of such tax from the date on which such tax was deductible to the date on which such tax is deducted and
(ii) at one and one-half percent for every month or part of a month on the amount of such tax from the date on which such tax was deducted to the date on which such tax is actually paid. Such interest, if chargeable, has to be paid before furnishing of quarterly statement of TDS for each quarter.
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