Iinterest income on t.d.s.
This query is : Resolved
Minhaj Najir Bhopa
(Querist)
16 August 2013
Sir,
What is the Tax Treatment of Interest income on T.D.S.?
What is the Tax Treatment of Interest income on T.D.S.?
Dintakurthi Tirumala
(Expert)
16 August 2013
In case you asking about Interest on refund of TDS amount then such interest amount shall be taxable under income from other sources and has to credit to the profit and loss account instead of credit to P&L you can also credit to capital account but at the time of computation of total income you shall make necessary adjustments for tax treatment.
In case you asking about the interest for late payment of TDS then it is debit to the Profit and loss account as well as this is inadmissable expenditure for income tax purpose so it has to be added back at the time of computation of total income for tax purpose. Instead of this you can also debit it to the capital account.
OM SAI SRI SAI JAI JAI SAI
In case you asking about the interest for late payment of TDS then it is debit to the Profit and loss account as well as this is inadmissable expenditure for income tax purpose so it has to be added back at the time of computation of total income for tax purpose. Instead of this you can also debit it to the capital account.
OM SAI SRI SAI JAI JAI SAI
16 August 2013
tds refund is not taxable and int on tds refund is taxable under head income from other sources.
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