Interest on TDS

CA MARUTHI GANDHI (JOB) (60 Points)

19 October 2009  

IN the case of late payment o TDS. If TDS not paid with in due date then interest has to be paid 1% PM or part there of from the date of deduction of TDS or Credit. That means if we have deducted TDS on 15th January and we have paid on 8th Feb, then we need to pay interest for 2 month? is it correct.