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TCS

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Padmaja CA (Querist)
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01 June 2009 Sir
in the year 2008-09 we are collected advance for to sell scrap material but not paid the TCS, Can we pay with late interest in this 2009-10 year ??? if so what is the interest rate?? 1% per month or any other??

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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01 June 2009 Can pay in 2009-10 with interest. Interest rate is 1% for every month or part of a month's delay. Ref:- section 206C(7).

Ratan Sharma

Ratan Sharma (Expert)
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01 June 2009 agreed. credit the sale account in he F.Y. 2009-10.

CMA KNVV Sri Vidya - Sri Kanth

CMA KNVV Sri Vidya - Sri Kanth (Expert)
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01 June 2009 agree with experts

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