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Tds interest rate for late deposite of tds

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Querist : Anonymous

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Querist : Anonymous (Querist)
22 August 2015 Dear sir,

please suggest me the rate of tds interest when tds has been deducted but payment of such tds has been delayed wheter 1.5% or 18% per month
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
22 August 2015 The rate is 1.5% per calendar month.

For example TDS deducted on 31.07.2015 and payment made on 01.09.2015. In this case Interest to be paid for 3 months i.e., 4.5% of the TDS amount.
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Querist : Anonymous

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Querist : Anonymous (Querist)
22 August 2015 Sir then what is the due date of tds is'nt its next months of 7th day
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
22 August 2015 Yes due date is 7th of next month and for march due date is 30th April. If TDS deposited within due date no interest is payable.
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