delay payment of interest

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CA.S.KARTHIKEYAN

CA.S.KARTHIKEYAN (Querist)
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07 September 2010 for contract we have pay the amount on 30.8.10 we deduct the t.d.s on that date itself ,but we fail to pay before 7.9.10 at what rate interest is applicable 1% or1.5%

CMA Chandan Singh

CMA Chandan Singh (Expert)
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07 September 2010 1%

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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07 September 2010 Section 201 (1A) is amended by the Finance Act,2010,w.e.f 01/07/2010 and the interest rate is enhanced to 1.5 % per month or part of a month for tax deducted but not paid. Accordingly the rate applicable in your case is 1.5%

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CA.S.KARTHIKEYAN

CA.S.KARTHIKEYAN (Querist)
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08 September 2010 a)at 1% for every month or part of a 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;
B) 1.5% 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,
Give some example for above 2 cases ....

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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09 September 2010 Interest will be Total 1.50%

Date of deduction 30/8/2010

If you are paying the TDS on 9th Sep 2010

you need to pay 3 % interest

1.50% - for August month and 1.50% for September month so total - 3%

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