If the tax is deducted on 8th June it becomes due on 7th of next month i.e. 7th July (except for March for which it is 30th April), if this tax is deposited on 10th July to the government’s account i.e. not before 7th of July then it attracts interest at the rate of 1.5% per month or part of the month i.e. 2 months in this case, as it attracts interest from 8th June totalling to 3% of the amount.
Difference between Late Payment & Late Deduction
Interest on Late Payment of TDS