Income Tax: Proposed amendment to increase simple interest rate ...

Govt proposes interest rate hike from 1% to 1.5% per month on late TCS payment to align with TDS provisions from Apr 1, 2025.

Notes Bill

July 30, 2024

Income Tax: Proposed amendment to increase simple interest rate from 1% to 1.5% per month or part thereof on late payment of tax collected at source (TCS) to government account u/s 206C(7) of Income Tax Act. This aligns interest rate with provisions for late deposit of tax deducted at source (TDS) u/s 201(1A). Amendment effective from April 1, 2025 to address difficulty faced by collectee due to late payment of TCS to government.

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Income Tax: Proposed amendment to increase simple interest rate ...

Govt proposes interest rate hike from 1% to 1.5% per month on late TCS payment to align with TDS provisions from Apr 1, 2025.

Notes Bill

July 30, 2024

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