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Interest on late deposit of tds

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Querist : Anonymous

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Querist : Anonymous (Querist)
16 December 2011 Interest on late deposit of TDS is to be deposited before filling of TDS return U/S 201 of income tax Act.
Just wanted to know what are the consequences if any one does not deposit the same before filling of TDS return.

Received a notice for not depositing interest on TDS. In which interest @1.5% Pa is levied by AO on interest amount for late deposit of TDS. So this is interest on interest.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
16 December 2011 Interest not deposited it will be shown under Tax audit report as observations.

No interest on interest concept in any taxes. so 1.50% is the late payment interest for tds
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