banner_ad

Interest on delay payment

This query is : Resolved 
Profile Image

Profile Image

(Querist)
25 April 2016 Whether Interest ,penalty on delay payment on TDs,income tax allowable as an expense???
Profile Image

CMA. CS. Sanjay Gupta

Profile Image

CMA. CS. Sanjay Gupta (Expert)
25 April 2016 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.

Citation: Madras high court decision in CIT V Chennai Properties & Investments Ltd reported in 239 ITR 435
Profile Image

Vatsal

Profile Image

Vatsal (Querist)
25 April 2016 What about the penalty on the same
Profile Image

CMA. CS. Sanjay Gupta

Profile Image

CMA. CS. Sanjay Gupta (Expert)
25 April 2016 Penalty will also be disallowed.
Profile Image

KAVIRAJA ADDANGADI

Profile Image

KAVIRAJA ADDANGADI (Expert)
25 April 2016 Interest, penalty, late fees disallowed u/s 37.
Profile Image

Murtaza I Bhagat

Profile Image

Murtaza I Bhagat (Expert)
26 April 2016 Yes it will be disallowed and you don't have to take as expense. you have to add in your income as disallowed expense and then calculate your tax liability.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
11 May 2026
CA Dropout

Patron Accounting LLP

Pune

CA Inter

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details