DIS ALLOWANCE OF INTEREST ON TDS AND INTEREST ON SERVICE TAX
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 September 2010
PLS EXPLAIN WHETHER INTEREST ON TDS AND INTEREST ON SERVICE TAX, EXCISE DUTY IS ALLOWED AR DISSALLOWED? IF DISSALLOWED THAN UNDER WHICH SECTION?
ALSO TELL ME WHETHER ADDITIONAL DEMANDNOF SALES TAX IS ALLOWED OE\R DISS ALLOWED?
DONATION IS DISSALLOWED UNDER WHICH SECTION?
ALSO TELL ME WHETHER ADDITIONAL DEMANDNOF SALES TAX IS ALLOWED OE\R DISS ALLOWED?
DONATION IS DISSALLOWED UNDER WHICH SECTION?
16 September 2010
An expense incurred not for th purpose of business is disallowed, as ths does nt satisfy conditions given in Sec 37.
Hence donation s disallowed.
any penalty, fine, interest s disallowed if it s due to violation of any Law.
However, if such int, fine etc are compensatory in nature (say delay in remittance of tax), then it s allowable.
Ths principl sapplicable to additional sales tax too..
Hope u r clear..
An expense incurred not for th purpose of business is disallowed, as ths does nt satisfy conditions given in Sec 37.
Hence donation s disallowed.
any penalty, fine, interest s disallowed if it s due to violation of any Law.
However, if such int, fine etc are compensatory in nature (say delay in remittance of tax), then it s allowable.
Ths principl sapplicable to additional sales tax too..
Hope u r clear..
16 September 2010
An expense incurred not for th purpose of business is disallowed, as ths does nt satisfy conditions given in Sec 37.
Hence donation s disallowed.
any penalty, fine, interest s disallowed if it s due to violation of any Law.
However, if such int, fine etc are compensatory in nature (say delay in remittance of tax), then it s allowable.
Ths principl sapplicable to additional sales tax too..
Hope u r clear..
An expense incurred not for th purpose of business is disallowed, as ths does nt satisfy conditions given in Sec 37.
Hence donation s disallowed.
any penalty, fine, interest s disallowed if it s due to violation of any Law.
However, if such int, fine etc are compensatory in nature (say delay in remittance of tax), then it s allowable.
Ths principl sapplicable to additional sales tax too..
Hope u r clear..
Message likes :
1 times
16 September 2010
Interest on TDS is levied under section 201(1A) of the Income tax Act,1961. The said expenditure will not be allowed as a business expenditure vide Madras high court decision
in CIT V Chennai Properties & Investments Ltd reported in 239 ITR 435.
in CIT V Chennai Properties & Investments Ltd reported in 239 ITR 435.
Message likes :
2 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS on Consultancy- Non DTAA
- Reopen of assessment proceeding
- Depreciation of fixed assets- coop housing society in mumbai
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Experts need help
- Rental income gst and it purpose
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- FTS Taxable under 115A
- Management System (IMS)
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
