08 September 2010
Plz tell me if the TDS is deducted in the month of March say on 31.03.2010...so the due date will be 31.05.2010...correct Now tds is paid to the govt after 31.05.2010 say 01.06.2010 or any later date then from which date interest will be calculated & at what rate? Plz provide me with some proof whether it should be from the date of deduction or due date???
08 September 2010
Read section 201 he or it shall be liable to pay simple interest at 44[one per cent for every month or part of a month] on the amount of such tax from the date on which such tax was deductible to the date on which such tax is actually paid
so interest calculation to begin from 31.03.2010 i. e. date of deduction and not due date.
Secondly the rate of interest has been revised w. e. f. 01.07.2010 to 1.5% p. m.
08 September 2010
visit this link http://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=ITAC&schT=&csId=0b6eda29-9b82-4b77-8219-82ee5449334f&rdb=sec&yr=75996b99-a798-4098-bca8-e66ee23fe426&sec=201&sch=&title=Taxmann%20-%20Direct%20Tax%20Laws
or this http://www.rrfalod.com/ActPageDisplay.ASPX?PAGENAME=1880&CompanyID=0
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