Interest on tds

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CA jyoti karamchandani

CA jyoti karamchandani (Querist)
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17 June 2013 Interest on tds is allowable expenses or not????

Rupesh Jain

Rupesh Jain (Expert)
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17 June 2013 under income tax act any penalty under any tax not allowed

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Ganeshbabu K

Ganeshbabu K (Expert)
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17 June 2013 No ,it is not allowed expenditure.it is disallowed.

The Hon’ble Supreme Court income Bharat Commerce & Industries v. CIT (1998) 230 ITR 733 (SC) held that interest for late payment of direct taxes is not deductible

Thanks & regards
Ganesh babu k

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