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Tds on salary

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Querist : Anonymous

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Querist : Anonymous (Querist)
18 November 2014 We have deducted TDS on Salary Payment for the month of Oct-2014 on 05.11.2014, entry passed in our books of accounts on 05.11.2014(salary paid on 05.11.2014) and deposit the TDS on 16.11.2014.

I want to know we are liable for paid the Interest on Late Payment of TDS?

if yes, what is the calculation?
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CA Parul Saxena

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CA Parul Saxena (Expert)
18 November 2014 yes interest is to be paid for late deduction and deposit.
late deduction-1%
late deposit-1.5%
for one month interest is to be paid.

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