09 October 2014
hello all if an assessee pays rent in month of july for april to june & deducts tds in july itself but does not pay to income tax dept then how the interest on late payment should be deducted?? i mean for how many months and at what rate?? interest shall be calculated from march month on accrual basis or from july on payment basis?? plz rly fast its urgent. n thnx in advance
10 October 2014
from each month of TDS deduction due to date of deduction, interest at 1% per month or part of the month...from date of deduction to the date the tax is finally deposited with the tax authorities, interest at 1.5% p.m for each month or part of the month.
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