26 July 2012
Which rate of interest is applicable in the following issue:
Due date payment : 05.10.2010 Actual Date of Payment : 29.09.2011 Rate of Interest up to 31.03.2011 is 13% Rate of Interest w.e.f. 01.04.2011 is 18%
Please let me know which rate is applicable in the above problem. Can I bifurcate in two part i.e. Interest for the period 05.10.2010 to 31.03.2011 @ 13% Interest for the period 01.04.2011 to 29.09.2011 @18%.
CAclubindia
