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Interest on late deposit of TDS

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 March 2011 Dear Sirs,

We had deducted TDS on april'10 bur till now it has not been deposited. please suggest how to calculte interest.

whether interest is to be calculated @ 1.5% for the total period of default as per the current rate applicable effective from 1.7.10 or 1% upto 30.6.10 and then 1.5%.

Kindly suggest,

Thank you,
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
28 March 2011 1% p.m. upto 30.6.10
1.5% p.m. 01.07.10 onwards
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Vivek Raju P

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Vivek Raju P (Expert)
28 March 2011 Yes agree with Sanjay,

Add to that the expense will be disallowed u/s 40(a)(ia) as the TDS has to be deposited before the end of the previous year, the expense will be allowed once the TDS is paid in that year
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