LATE PAYMENT OF TDS
This query is : Resolved
Nagendra Kumar
(Querist)
20 February 2008
when we pay the interest for late payment of tds to gov.we are elgible to deduct interest as admissible expenditure?.if we can under what section.
CA. Kirti S. Ganatra
(Expert)
20 February 2008
No it is not deductible. Interest for late payment is of nature of penalty so no penalty is allowed as deduction
20 February 2008
Interest paid for late payment of Tds is penal in nature and no expenses which are in penalty nature is allowed under income tax Act.
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