Difference between interest u/s section 220 & 201(1a)
This query is : Resolved
Nisarg Shah
(Querist)
25 October 2015
can any one please explain me difference between interest levied u/S 220 & 201(1) & 201(1A)
CA PARAS BAFNA
(Expert)
25 October 2015
Interest U/s 220 is payable when the assessee do not pay taxes within the prescribed time, which is prescribed in the notice of demand raised by the department..
.
Interest U/s 201(1A) is payable in case of no deduction, short deduction and for delayed deposit of the TDS amount deducted (with the Govt).
.
Interest U/s 201(1A) is payable in case of no deduction, short deduction and for delayed deposit of the TDS amount deducted (with the Govt).
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