interest rate for delay payment of TDS

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SHANKAR (Querist)
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02 July 2011 what is the interest rate for delay payment of TDS, if it is not yet deducted as it falls in the P.Y 2010-11. Kindly explain the procedure to rectify the same

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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02 July 2011 Up to 30/06/2010 interest rate was 1% per month or part of a month.
From 1/07/2010 the rate is as follows:-
i) 1% for every month or part of a month from the date on which tax was deductible to the date on which it is deducted.
ii) 1.5% per month or part of a month on the amount of such tax from the date of deduction to the date on which such tax is actually paid.

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SHANKAR

SHANKAR (Querist)
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02 July 2011 Thank you sir. Your msg has been very useful to me and it provides a clear information regarding my doubt. Thank you once again sir.

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