Int. on late deposite TDS, Income Tax

[udit gupta]

What is the Interest calculation of late deposit of TDS. Example : If We deduct amount on 26 August 2010 and deposite on 6th October 2010. Regards Narendra

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[GOPALJI AGRAWAL]

Interst under Section 201(1A) is 1% and is payable from the date on which such tax was deductible to the date on which such tax is actually paid.

This provision is amended w.e.f. 01/07/2010 as under:

1% from the date on which such tax was deductible to the date on which such tax is actually deducted.

1.5% from the date on which such tax was actually deducted to the date on which such tax is actually paid.