Interest rate for tds late remittance
This query is : Resolved
24 January 2012
Dear Sir/Madam,
Currently what's the interest rate of TDS deduction amount late Remittance to the central Government and When did change the interest Rate?
And kindly tell me the Sec No. also....
Please Help me................
With Regards,
A Santhosh
Currently what's the interest rate of TDS deduction amount late Remittance to the central Government and When did change the interest Rate?
And kindly tell me the Sec No. also....
Please Help me................
With Regards,
A Santhosh
24 January 2012
I Think 1.5%
24 January 2012
1)Section is 201(1A).
2)Rate of Interest is 1.5% for every month or part of a month from the date of deduction to the date of payment.
3)Effective date is 1/7/2010.
2)Rate of Interest is 1.5% for every month or part of a month from the date of deduction to the date of payment.
3)Effective date is 1/7/2010.
24 January 2012
Interest Rate w.e.f 01-07-2010
(i) at one percent for every month or part of the month on the amount of such tax from the date on which such tax was deductible to the date on which such tax is deducted and
(ii) at one and one-half percent for every month or part of a month on the amount of such tax from the date on which such tax was deducted to the date on which such tax is actually paid. Such interest, if chargeable, has to be paid before furnishing of quarterly statement of TDS for each quarter.
(i) at one percent for every month or part of the month on the amount of such tax from the date on which such tax was deductible to the date on which such tax is deducted and
(ii) at one and one-half percent for every month or part of a month on the amount of such tax from the date on which such tax was deducted to the date on which such tax is actually paid. Such interest, if chargeable, has to be paid before furnishing of quarterly statement of TDS for each quarter.
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