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INTEREST ON TDS FOR DELAYED PAYMENT

S.C. WADHWA
A Pvt. Ltd. Co. (named XYZ) borrowed loan from another compnay. Interest is being paid on such loan on monthly basis.XYZ failed to deduct tds on interest for month of June, thus tds was not deposited for June.Now it is deducting tds on 31/07/14 for month of Juneand Julyand will deposit the same on 07/08/14.Please advise how much interest will be charged for latedeposit of tds of June month.
Interest on delayed TDS results in monthly interest charges for the period of delay on the undeposited amount. Delay in depositing TDS on interest gives rise to interest liability on the unpaid TDS. The chargeable interest is at a monthly rate, computed for each month or part of a month of delay, specified as 1.5% per month or fraction thereof, and applies to the TDS amount not deposited within the prescribed time. (AI Summary)
Income Tax
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CAGOPALJI AGRAWAL on Aug 2, 2014

Interest @ 1.5% per month or the fraction of the month is chargeable.

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