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Delay in payment of TDS - IT Section

This query is : Resolved 

10 March 2008
For delay in payment of TDS deducted to the dept. interest at the rate of 1% per month is leviable.

Can anyone please let me know which section of IT Act has the provision regarding above matter.

Thank you.

10 March 2008 u/s 201(1A) of the income tax act


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