Interest rate on short deduction on tds

This query is : Resolved

Natasha Mourya (Querist)
Follow

30 January 2014 Dear all,

what is rate of interest applicable on INTEREST ON SHORT DEDUCTION ON TDS through Income tax Department..Bcoz In the notice it is mentioned short Deduction Rs-297652 & Interest on Short Deduction is Rs:- 24569 in IInd Quarter of 13-14.. short Deduction is calculated in Jurisdiction report but calculation of Interest on Short Deduction is not mentioned.

Its Urgent......PLZZ

@VaibhavJ

@VaibhavJ (Expert)
Follow

30 January 2014 Hi

Int is calculated @ 1% for short amount paid from the date it should be deducted till date of issue if notice.

Also full month int. to be calculate for part of the month.

Thx