If He/She fails to pay the TDS 7 on next month, Than it will pay with interst.The ratr of interst is 1% or 1.5% & form when it aplicable.
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Interst on TDS
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Hi Pankaj,
The rate of interest is 1% p.m. or part of the month, on the amount of TDS not deposited.
till now...... it is 1% p.m. or part of the month........... but from next Finanical Year i.e. from 01.04.2011........ Interest on TDS is going to increase to 1.5% p.m. or part of the month........... (source : Budget 2010 announced on 26.02.2010)
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