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of <h1>Amendment to Section 201: New Interest Rates for Late Tax Deduction or Payment under Income-tax Act 2010</h1> Section 201 of the Income-tax Act was amended by the Finance Act, 2010, effective from July 1, 2010. The revised sub-section (1A) stipulates that if a person, principal officer, or company fails to deduct or pay the required tax, they must pay simple interest. The interest is one percent per month on the tax amount from the due date of deduction until it is deducted, and one and a half percent per month from the deduction date until payment. This interest must be paid before submitting the statement as per section 200(3).
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