Interest rates for tcs

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(Querist)


13 July 2010

what is the interst rates for delay in payment of TCS is it same as tds or diffrent ? & kindly let me know whether education cess has been removed on TCS

thanx in advance!!

CA. BIJENDER KR. BANSAL (Expert)


13 July 2010

Interest rate for delay payment of tcs is same as tds i.e as from 1st june 2010 it is 1.50% per month.
Education cess on TCS is removed as like TDS

Prashant (Querist)


13 July 2010

Kindly confirm whether rate increased w.e.f 1st june 10 or 1st july 10...bcz i got ans as from 1st july 10

CA. BIJENDER KR. BANSAL (Expert)


13 July 2010

Up to the period 30.6.2010 - interest 1% per month or part of the month

From 1.7.2010 need to calculated - Interest 1.50% per month or part of the month



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