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Interest rates for tcs (Income Tax)

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This query is : Resolved


( Author )
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

( Author )
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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