if tds of march-2010 paid late interest payable on such delayed payment will be by simple rate of interest @ 12 % p.a. or 18 % p.a. ?
6 Replies
Dhawal Mohnot
(Practicing)
(449 Points)
Replied 31 March 2010
in the recent finance budget they have amended the earlier 1% interest to 1.5% for every month of delay. That makes it 18% P.A.
Alok Bansod
(Accounts executiv)
(135 Points)
Replied 31 March 2010
Late payment of tds or non deduction of tds attracts interest @ 1%pm
Mohan
(Accounts Mgr)
(209 Points)
Replied 31 March 2010
Interest on delay in depositing taxes deducted is 1% per month or part of the month (upto30/06/10)
and 1.5% pm from 1/7/2010. So answer for your question the rate of interest is 12% p.a. and also note it down from
01.07.2010 is 18% p.a.
shivakumar
(Finance & Accounts)
(27 Points)
Replied 13 August 2010
July-2010 Onwards. Delay TDS Remitteing Every month before 7th. We should pay 18% of Intrest on Actual TDS amount.
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