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Query related to builder

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Querist : Anonymous

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Querist : Anonymous (Querist)
02 February 2013 Respected Sir,

What interest rate to be applied for late payment of Vat @ 1% u/s 42( 3A)by Builder for FY 12-13?

Whether interest to be paid on month basis or day basis??

Whether interest rate is 13% p.a or 15% pa??
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CA CS Pawan Jajoo

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CA CS Pawan Jajoo (Expert)
04 February 2013 Interest is 1.25 % per month, calculated daywise.
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