Interest on TCS increased to align with TDS parity, raising monthly simple interest for late remittance to government account. The Bill amends section 206C(7) to increase the simple interest rate for failure to remit tax collected at source from one percent to one and one-half ... Summary
Interest on TCS increased to align with TDS parity, raising monthly simple interest for late remittance to government account.
The Bill amends section 206C(7) to increase the simple interest rate for failure to remit tax collected at source from one percent to one and one-half percent per month or part thereof, calculated from the date of collection until actual payment to the Government; the amendment is prospective and effective from 1 April 2025.
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