Kiran (M.Com) (112 Points)
05 April 2016
Manish Aggarwal
(Chartered Accountant)
(46 Points)
Replied 05 April 2016
Dear Kiran,
Revised Interest rates introduced vide notification No. 13/2016-ST dated 1st March 2016 shall be effective from the date ,the Finance Bill 2016 receives the assent from Hon'ble President of India.
Till then, current interest rates as mentioned therein section 75 of the Finance Act, 1994 shall be applicable. Current Interest rates:
For 1st Six Months- 18% p.a.
For next Six months- 24% p.a.
After one year- 30% p.a.
The above interest shall be calculated for delay on daily basis.
ashutosh guru
(manager - accounts & finanace)
(83 Points)
Replied 05 April 2016
CAclubindia
