Hi,
We have to make an e-payment of Income tax on contractors for AY 2012-13 due on 30th april2012 in May 2012. Kindly let us know what will be the interest rate and for how many months?
7 Replies
Prateek Agarwal
(Sr. Executive - Finance & Accounts)
(1732 Points)
Replied 10 May 2012
It's 1.5% p.m. for 1 month......since it is late payment.
Akash Jain
(CA Final Student)
(261 Points)
Replied 10 May 2012
Interest penalty raised to 1.5% p.m from 1% p.m w.e.f 1-7-2010.
Dimple Kotak
(Accounts & Tax )
(185 Points)
Replied 12 May 2012
It is 1.5% for every month or part of the month
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