Diasllowance of expenses

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vandana chandel (Querist)
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06 October 2014 Whether Interest on TDS late deposited is allowed under Income Tax or not? If it is not allowed then under which section of Income tax Act 1961 this is disallowed?
Similarly Loss on Sale of assets debited in books disallowed under which section of Income Tax act while computing Tax liability?

CA Parul Saxena

CA Parul Saxena (Expert)
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06 October 2014 As per section 37 interest on late payment of tds is disallowed.
Loss is disallowed as depreciation laws are different in income tax and accordingly capital gain/loss is calculated and then taxed.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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06 October 2014 https://www.caclubindia.com/experts/interest-on-tds--1408024.asp#.VDJkfmeSxe8

refer the whole discussion and the conslusion is its disallowed.

vandana chandel

vandana chandel (Querist)
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07 October 2014 thanks ca parul saxena & Tusar Sampat, Please also tell the section of Income Tax Act under which loss on sale of fixed assets as per books is disallowed?

CA Parul Saxena

CA Parul Saxena (Expert)
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07 October 2014 Ms.Vandana i think you have read capital gain chapter.for computing gain or loss on transfer of assets different procedures are mentioned there.so how can you consider loss as per your books of accounts.also depreciation rules are different in income tax act.

vandana chandel

vandana chandel (Querist)
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07 October 2014 I Know that dep. rule are different in income tax and company law that is what i m asking in books we have recognized loss on sale of assets but that wont be allowed while computing tax liability and so under which sec that loss as per books would be disallowed in income tax act???

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