11 February 2012
Dear Sir, we have deducted TDS on 12.05.10 and we have deposit this amt in 01.08.10 with interest, by mistake we have calculate interest on 12% till date, but interest rate change on 01.07.10 from 12% to 18%, so i want to know that which interest rate applicable on TDS........please help me
For late deduction of Tax deduction at source-(rate 1 % per month or part thereof) For late deposit of TDS after deduction (rate 1 % per month or part thereof)
Interest from 01.07.2010
For late deduction of Tax deduction at source-(period date from tax deductible to date of actual deduction )(rate 1 % per month or part thereof) For late deposit of TDS after deduction (period :date from tax deducted and date of actual deposit)(rate 1.5 % per month or part thereof)