interest on tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 August 2010 I am a accountant in govetnment office .The contractor payment given by me in 7.1.2008 and tax deduction 7.1.2008 but deposited in bank 2.2.2008. The I.T.O. levy interest 1.5% per month date on 7.1.2008 to 2.2.2008 . I want to know that doing I.T.O. right levy interest . please suggest me .

Aditya Maheshwari

Aditya Maheshwari (Expert)
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18 August 2010 It is in time. So no interest leviable on the payment as the payment made within due date.

Without prejudice that time rate was 1% p. m.