Interest Rate on Late payment
This query is : Resolved
13 April 2011
Dear Expert
What is the rate of interest on late payment of TDS and Service Tax ? Please reply. I will be very thankful to you.
What is the rate of interest on late payment of TDS and Service Tax ? Please reply. I will be very thankful to you.
13 April 2011
Interest for late payment of Service tax is 18% per annum to be calculated for the number of days delay. Pl refer notification no 15/2011.
13 April 2011
Interest on delay in deposit of tax after deduction is 1.5% per month or part thereof, of the TDS amount. This rate is applicable from 01.07.2010 before that this rate was 1%. Interest on late deduction continues to be 1% per month or part thereof.
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