Hi,
Where should interest on TDS be shown in Form 3CD?
Under which section interest on TDS disallowed?.
Please clarify.
Thanks.
Dipjyoti Majumdar
(CA in service & CS. dipmaj@ rediffmail.com )
(3468 Points)
Replied 04 December 2012
40a(ii).-- any interest/penalty/fine for for non payment/late payment of income tax is not deductible.
CA Abhilasha Bhagat
(ACA)
(466 Points)
Replied 04 December 2012
It should be shown under Point No. 17 (e) (i) of 3CD. It is disallowed as per section 37(1) as it is a fine for delay in payment of TDS.
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 04 December 2012
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agreed
Originally posted by : CA Abhilasha Bhagat |
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It should be shown under Point No. 17 (e) (i) of 3CD. It is disallowed as per section 37(1) as it is a fine for delay in payment of TDS. |
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sanjana.r
(Student CA Final )
(135 Points)
Replied 05 December 2012
Ya.but , is it appropriate to treat interest on tds as fine?Since it is just a compensation for delayed remittance just like interest on indirect taxes and it is disallowed only for it being in the nature of income tax.Kindly clarify.
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