TaxTMI 
TaxTMI 
TaxTMI 
Respected Sir,
As regarding above subject, As u know that till 10-07-2014 the rate of interest on late payment of PLA was 18%,now according to the new budget is there any change in the interest rate.Please reply.
THANKING U
change of interest rate on late payment of PLA
MEHUL ASHAR
Interest Rates on Late PLA Payments Tiered by Delay Duration; New Penalty Rule Introduced; Section 75 Applies A query was raised regarding changes in the interest rate on late payments of PLA following a new budget announcement. It was clarified that the interest rates for delayed payments under section 75 are tiered based on the delay duration: 18% for up to six months, 24% for delays beyond six months, and 30% for delays over a year, effective from October 1, 2014. Additionally, a new rule introduced a penalty of 1% per month for unpaid duties beyond one month from the due date. A concession of 3% on interest rates remains for small service providers with turnovers up to 60 Lakhs annually. (AI Summary)