Increase rate of Interst on TDS / Income Tax 1% to 1.5% P.M.

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Guest

Guest (Querist)

11 November 2010 Sir,

I want circular / Notification if any regarding for late payment of TDS with Interest.

My question is ABC Ltd deduct TDS of XYZ co. for profesional charge and paid late in TDS with Interest.

Our internal auditor are ask to me Interest rate is increase 1% to 1.5% per month wef. 1-7-2010

It is correct or not, if this correct please provide me circular for Increase rate of Interst on TDS / Income Tax.

Thanks in advance.

CA Navin Jain

CA Navin Jain (Expert)
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11 November 2010 yes interest rate is increase 1% to 1.5% per month wef. 1-7-2010

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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11 November 2010 Interst under Section 201(1A) is 1% and is payable from the date on which such tax was deductible to the date on which such tax is actually paid.

This provision is amended w.e.f. 01/07/2010 as under:

1% from the date on which such tax was deductible to the date on which such tax is actually deducted.

1.5% from the date on which such tax was actually deducted to the date on which such tax is actually paid.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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11 November 2010 For Synopsis of Recent Amendments In Provisions Of TDS see following link---

https://taxguru.in/articles/display/112/Synopsis+of+Recent+Amendments+In+Provisions+Of+TDS+

taxindiaconnect

taxindiaconnect (Expert)
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11 November 2010 The interest rates are not declared through circular. The rates are amended in the Act directly. Please see the link which Sanjay has suggested.

Guest

Guest (Querist)

12 November 2010 Thank You Snajay Sir, Navin Sir and Taxindiaconnect

Praveen Maheshwari

Praveen Maheshwari (Expert)
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14 July 2011 Good Explanation Sanjay Sir.

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