Interest on late payment of tds

Manish (ARTICAL ASSITANT) (38 Points)

23 July 2014  

Hello,

can any one tell me why income tax department is charged Interest on late payment of TDS for 2 month even if delay is for less than 30days. Is it correct to collect interest for 2 months ?

e.g. If i have deposited TDS on 10th of July 2014 for the deduction made on 30th June  Interest is to be charged @ 1.5% for part of themonth. 

Why should i pay interest for 2 months though delay is  for less than 30days

Please solve this query