Increase rate of Interst on TDS / Income Tax 1% to 1.5% P.M.
This query is : Resolved
Guest
Guest
(Querist)
11 November 2010
Sir,
I want circular / Notification if any regarding for late payment of TDS with Interest.
My question is ABC Ltd deduct TDS of XYZ co. for profesional charge and paid late in TDS with Interest.
Our internal auditor are ask to me Interest rate is increase 1% to 1.5% per month wef. 1-7-2010
It is correct or not, if this correct please provide me circular for Increase rate of Interst on TDS / Income Tax.
Thanks in advance.
I want circular / Notification if any regarding for late payment of TDS with Interest.
My question is ABC Ltd deduct TDS of XYZ co. for profesional charge and paid late in TDS with Interest.
Our internal auditor are ask to me Interest rate is increase 1% to 1.5% per month wef. 1-7-2010
It is correct or not, if this correct please provide me circular for Increase rate of Interst on TDS / Income Tax.
Thanks in advance.
11 November 2010
yes interest rate is increase 1% to 1.5% per month wef. 1-7-2010
11 November 2010
Interst under Section 201(1A) is 1% and is payable from the date on which such tax was deductible to the date on which such tax is actually paid.
This provision is amended w.e.f. 01/07/2010 as under:
1% from the date on which such tax was deductible to the date on which such tax is actually deducted.
1.5% from the date on which such tax was actually deducted to the date on which such tax is actually paid.
This provision is amended w.e.f. 01/07/2010 as under:
1% from the date on which such tax was deductible to the date on which such tax is actually deducted.
1.5% from the date on which such tax was actually deducted to the date on which such tax is actually paid.
11 November 2010
For Synopsis of Recent Amendments In Provisions Of TDS see following link---
http://taxguru.in/articles/display/112/Synopsis+of+Recent+Amendments+In+Provisions+Of+TDS+
http://taxguru.in/articles/display/112/Synopsis+of+Recent+Amendments+In+Provisions+Of+TDS+
11 November 2010
The interest rates are not declared through circular. The rates are amended in the Act directly. Please see the link which Sanjay has suggested.
Guest
Guest
(Querist)
12 November 2010
Thank You Snajay Sir, Navin Sir and Taxindiaconnect
14 July 2011
Good Explanation Sanjay Sir.
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