Alignment of interest rates for late payment to Government account of TCS

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..... n (7) of the section 206C provides that persons who fail to collect tax or after collecting, fail to deposit the same to the credit of the Central Government shall be liable to pay simple interest at the rate of one percent for every month or part thereof on the amount of such tax from the date on which such tax was collectible to the date on which the tax was paid. 2. It was noted that the rates .....

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..... and one-half per cent. for every month or part thereof on the amount of such tax from the date on which such tax was collected to the date on which such tax is actually paid. 4. The amendment will take effect from the 1st day of April, 2025. [Clause 70] Full Text : Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024 - FAQ - Frequently Asked Questions, TMI Short Notes , Experts comment, opin .....

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