Tds interest

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

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

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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11 February 2012 Interest up to 30.06.2010

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)

Querist : Anonymous

Querist : Anonymous (Querist)

11 February 2012 thax....sir

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