03 August 2011
Dear all... please tell me ... what is the rate of interest for late payment of TDS. If i do not pay tds in time, is the interest will be applicable from date of deduction?... The recent rate of interest affected from which date..? please reply.... thank u one and all....
03 August 2011
Section 201(1A) talks about interest on TDS. The section is amended w.e.f 01/07 2010. The prevailing rates are as follows:- i) 1% for every month or part of a month from the date on which tax was deductible to the date on which tax is deducted. ii) 1.5% for every month or part of a month on the amount of tax from the date on which such tax was deducted to the date on which tax is actually paid.
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