Compounding interest on interest on late payment of tds
This query is : Resolved
05 October 2011
Dear sir,
Pl guide me whether interest @ 1.5% on interest on late payment of TDS apply. e.g. F.Y.2010-11 Q1 interest of Rs.50 was not paid and on 05.10.2011 such is identified. So only Rs.50 to be paid or any interest on it?
Pl guide me whether interest @ 1.5% on interest on late payment of TDS apply. e.g. F.Y.2010-11 Q1 interest of Rs.50 was not paid and on 05.10.2011 such is identified. So only Rs.50 to be paid or any interest on it?
05 October 2011
There is no concept of interest on interest in Income tax. just you calculate pay the interest for delay only
21 February 2013
Though There is No Concept of Compounding (Interest on Interest), But still AO Issue Notice With Interest on Interest, and Since Generally Its Small Amt, Every One Used to pay it.
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