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Interest on short deduction of tds (Income Tax)

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This query is : Resolved


( Author )
10 November 2012

Wishing you HAPPY DIWALI to all.........

If I have deducted the TDS @1% instead of deducting it @2%.I had made payment to deductee on 14-04-2011 and paid tax on 6-5-11 by challan. now at the end of October 2012. what interest will be assessed as short deduction of TDS??? please reply the rate & period for which the interest is applicable????????

regard
shyamsingh


Naveen Joshi

( Expert )
10 November 2012

Interest shall be payable @1% per month or part of the month, from the date of payment/ credit (whichever is earlier) till the date of deposit


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