Interest on short deduction of tds

This query is : Resolved

Shyamsingh Rajput (Querist)
Follow

10 November 2012 Wishing you HAPPY DIWALI to all.........

If I have deducted the TDS @1% instead of deducting it @2%.I had made payment to deductee on 14-04-2011 and paid tax on 6-5-11 by challan. now at the end of October 2012. what interest will be assessed as short deduction of TDS??? please reply the rate & period for which the interest is applicable????????

regard
shyamsingh

Naveen Joshi

Naveen Joshi (Expert)
Follow

10 November 2012 Interest shall be payable @1% per month or part of the month, from the date of payment/ credit (whichever is earlier) till the date of deposit