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Interest on delayed society sinking fund & annual fees
Agree. Its not appropriate, but what to do? Usually the clause on interest to be charged includes words like .......... or part of the month.....
In this connection let me tell you.
Government has enthrusted an additional reponsibility on busines entities (some others also) to collect tax on its belhalf (without any remuneration/commission), popularly known as TDS.
As per rules any tax deducted or collected on behalf of Government in any particular month, is to be paid back to treasury by 7th of next month. For any of reason, if there is one day's delay (NO EXCUSE, not even for public holiday, bank strike/sunday) for the deposit by that deadline, the obliger is termed as defaulter, and has to pay interest for TWO MONTHS!! (From own pocket!!!)
Is this the maths our forfather's/Chanakya taught us? Can one justify it as LEGAL??
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