In case the assessee deposits the TDS payment after the due date of the TDS payment, they shall be liable to pay interest @1.5% for every month or every part of the month during which the amount is not deposited with the government.
Important: Interest @ 1.5% is liable to be paid from the date on which the TDS amount was deducted and not from the date the TDS payment was due.
For example: TDS(Rs. 5000) was deducted on 24th July and the due date for TDS Payment was 12th August. The assessee fails to deposit the TDS by 12th August. In such a case, the Interest would be calculated from 24th July and not from 12th August. Total Interest to be paid would be: 5000*1.5%*2 months = Rs. 150