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Delay Payment Interest on TDS Payment , VAT and Service Tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 April 2010 Wheher delay payment interest payment made for delays in deposit of TDS, VAT and Service Tax will be allowed as an expenses or not ?
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ca dipti sharma

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ca dipti sharma (Expert)
07 April 2010 only penalties are disaalowed under Income Tax Act
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ca dipti sharma

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ca dipti sharma (Expert)
07 April 2010
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
07 April 2010 I THINK IT IS DISALLOWED.
LET OTHER EXPERTS GIVE THEIR VIEW.
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CA Ashok Kumar Sahu

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CA Ashok Kumar Sahu (Expert)
07 April 2010 AS PER MY OPINION INTEREST ON DELAY PAYMENT OF TDS/SERVICE TAX IS NOT DISALLOWED.
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Nazir

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Nazir (Expert)
07 April 2010 it will disallowed for sure..
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Querist : Anonymous

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Querist : Anonymous (Querist)
08 April 2010 Kindly quote the relavant sections so that we can cross check it , my tax consiultants says in general that it shpuld be allowed .It good for all of us if we are getting clarity
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CA Ashok Kumar Sahu

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CA Ashok Kumar Sahu (Expert)
08 April 2010 FOR THIS CHECK SEC 37 WITH CASE LAWS
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
08 April 2010 interest is allowed
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
10 April 2010 Interest paid on any delay of direct taxes is not allowable whereas interest paid on any delay of indirect taxes is allowable.
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