Suresh Prasad (www.aubsp.com) (15630 Points)
17 November 2010Good Morning sir can u plz tell me if i late my tds for the month of oct"2010 &
i deposit it 7 dec2010 than will paid int 1.50+1.50=3%
Suresh Prasad
(www.aubsp.com)
(15630 Points)
Replied 17 November 2010
Dear Rajeev,
With a view to discharge the practice of delaying the deposit of tax after deduction, the Act has increased the rate of interest for non-payment of tax after deduction from the present 1% to 1.5% for every month or part of month. The rate of interest will be as under:
|
Period of Default |
Rate of Interest |
|
(a) From the date the tax was deductable to the date on which such tax is deducted |
1% p.m. or part of the month |
|
(b) From the date on which such tax is deducted to the date on which such tax is actually paid |
1.5% p.m. or part of the month |
Therefore I Think you are correct i.e. Int. will be 1.5%+1.5%=3%
CAclubindia
