Increased interest on tax deducted but unpaid requires higher post-deduction charges and pre-statement payment. Persons required to deduct tax and remit it are liable to pay simple interest where tax is not deducted or is deducted but not paid: interest at one per cent. per month (or part) from the date tax was deductible to deduction, and at one and one-half per cent. per month (or part) from deduction to actual payment, and such interest must be paid before filing the prescribed statement.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Increased interest on tax deducted but unpaid requires higher post-deduction charges and pre-statement payment.
Persons required to deduct tax and remit it are liable to pay simple interest where tax is not deducted or is deducted but not paid: interest at one per cent. per month (or part) from the date tax was deductible to deduction, and at one and one-half per cent. per month (or part) from deduction to actual payment, and such interest must be paid before filing the prescribed statement.
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