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Tcs

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14 May 2015 please tell me interest on tcs late payment
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
14 May 2015 As per section 206C(7), if the person responsible for collecting tax does not collect the tax or after collecting the tax fails to pay it to the credit of Government within the due date prescribed in this regard, then he shall be liable to pay simple interest at the rate of 1% per month or part thereof on the amount of such tax. Interest shall be levied for a period from the date on which such tax was collectible to the date on which the tax was actually paid.
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