Interest on late payment of TCS in COVID
This query is : Resolved
15 May 2020
In COVID interest on late payment of TCS is reduced to 9%. But when i filled TCS Return with caluculation of TCS Interest @ 9 % then return is processed with defaults and default is of less Interest deposited. They are calculating interest @12%p.a. How can we take benefit of 9% ? Should we deposit Interest demand raised by them?
23 May 2020
I think if TCS/TDS is collected/deducted from 20th March 2020 and 30th June 2020 and paid by 30th June 2020 reduced rate is applicable otherwise it is normal rate as was applicable previously.
23 May 2020
Reduced rate is not applied on TCS which is collected on 30th March 2020.
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