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The IT department is charging interest 3% for one day delay , ( even if the delay is not on part of the assessee, the bank credits the TDS amount after 2-3 days). Isn't it ultra vires. They are charging interest @ 1095% per annum. The department pays interest @ 6% p/a on refunds. Should't we raise our voice against the hefty interest charged by them. In the month of may where the due date of TDS is 30th april if the assessee paid on 1st May interest charged by the department is 4.5% i.e 1642.50% per annum. I dont think this type of interest is charged at any where in the world. |
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