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Interest amount on tds

This query is : Resolved 
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25 April 2012 Company is fail to deduct TDS on ADVANCE payment of sub contractor (Individual) having PAN on Rs.1,00,000.00 advance given in 11.02.2012, which is finally deducted on dt. 31.03.2012, we decided to deposit TDS within 30.04.2012. please calculate Interest amount which we liable to deposit.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
25 April 2012 TDS amount = Rs 1000

Interest = (2% of Rs 1000)= Rs 20.

Total Amount to be deposited= Rs 1020.

Interest applicable = Interest @1% on late deduction of TDS. Since more than a month elapsed from date of payment interest will have to be paid for 2 months. For TDS deducted on 31st march due date of deposit is 30 April. So no need to pay interest on late deposit of TDS.
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