Due date for deposit of Tax deducted/collected for the previous month.
By Whom: Persons reducing income tax from Money paid at the time of making specified payments. Use Challan 281/ Form 26QB (for deduction of tax on sale of property) for the purpose of deposit of tax.
Interest: In case there is a delay in deposit of TDS, interest should be paid before filing of TDS return.
Penalty: Under Section 201(1A) for late deposit of TDS after deduction, you have to pay interest. Interest is at the rate of 1.5% per month from the date at which TDS was deducted to the actual date of deposit.
Note, that this is to be calculated on a monthly basis and not based on the number of days i.e. part of a month is considered as a full month. Penalty Equals to the amount that was failed to be deducted/collected or remitted may be imposed.
If a person fails to pay to the credit of the Central Government, the Tax deducted at source by him as required by or under the provisions of Chapter XVII-B, he shall be punishable with rigorous imprisonment for a term which shall not be less than three months but which may extend to seven years and with fine under Sec 276B.