Interest calculation late payment
This query is : Resolved
30 December 2014
If pvt ltd co july 14 service tax is payable Rs. 1 lac & they want to pay in 1st Jan. How interest wl b calculate as per new rate applicable from 1st oct 24% 30%
Harshal Fifadra
(Expert)
31 December 2014
If the delay is upto 6 months then rate of interest applicable would be 18% . If the delay is for 6-12 months then interest rate applicable would be 24% and if for more than 1 year than rate applicable would be 30%.
In your case, the rate applicable would be 18% since the delay is 5 months which is less than 6 months.
In your case, the rate applicable would be 18% since the delay is 5 months which is less than 6 months.
AKASH PHOPHALIA
(Expert)
03 January 2015
Refer my article on Interest on delayed payment...
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