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Interest penalty on TDS

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(Querist)
12 February 2011 let me know please interest penalty amount should charged on TDS amount or contract amount on which TDS deducted?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
12 February 2011 Interest to be charged on TDS amount.
The rate of interest is 1.5% per month or part of the month.
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B R Ramesh

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B R Ramesh (Expert)
12 February 2011 Hi

for delayed payment the interest will @ 1.50%

This amendment is proposed to take effect from 1st July, 2010
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