zishan mandli (203 Points)
11 February 2021
CA Sapna Ghelani
(Chartered Accountant)
(7550 Points)
Replied 12 February 2021
Rate @ 1%
Interest -
If the tax collector responsible for collecting the tax and depositing the same to the government does not collect the tax or after collecting doesn’t pay it to the government as per above due dates, then he will be liable to pay interest of 1% per month or a part of the month. Every tax collector has to submit quarterly TCS return i.e in Form 27EQ in respect of the tax collected by him in a particular quarter. The interest on delay in payment of TCS to the government should be paid before filing of the return.
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