Interest on late deposit of tds on salary

This query is : Resolved

arun laxman gaikwad (Querist)
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25 December 2013 Dear Sir,
In financial year 2010-11 in our company Salary for March 2011 is credited on 31.03.2011 in the books.

TDS on the same Rs.1083777/= is paid to govt treasury on 31.05.2011.

We have paid Rs.32513 as interest on late deposit of TDS. (1.5%pm for 2 months on 1083777)

Now we have recd notice from traces asking for addl.late payment interest of Rs.16249

Total interest according to dept.is Rs.48762.
Pls provide calculation for this.

Regards
Arun

TRINATH

TRINATH (Expert)
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25 December 2013 INTEREST CALCULATED FOR 3 MONTHS @1.5% BY AO

AS PER BELLOW

EX:
TDS DEDUCTED 01/12/2013
DUE DATE IS 07/01/2013
BUT TDS DEPOSITED ON 08/01/2013

INTEREST WILL BE CALCULATED @ 3%

FOR TWO MONTHS
IN YOUR CASE YOU LIABLE TO PAY INTEREST 4.5%
i.e 1083777 * 4.5% = 48770/-