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LATE PAYMENT OF TDS

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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.
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CA. Kirti S. Ganatra

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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
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CA Saurabh Maheshwari

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CA Saurabh Maheshwari (Expert)
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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