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of <h1>Interest Charged on Late Tax Deduction or Payment Under Direct Taxes Code, 2010: 1-1.5% Monthly Penalty</h1> Any person required to deduct or collect tax under the Direct Taxes Code, 2010, who fails to do so, or fails to pay the deducted tax, must pay simple interest to the Central Government. The interest is calculated at one percent per month from the date the tax was due to be deducted or collected until it is actually deducted or collected. Additionally, if the tax is deducted or collected but not paid, interest is charged at one and a half percent per month from the deduction or collection date until the payment date.
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