Interest on Delayed payment of TDS whether disallowed
This query is : Resolved
12 August 2009
Interest on delayed payment of TDS whether disallowed u/s. 40a?
Interest on delayed payment of TDS whether disallowed u/s. 40a?
chetan soni
(Expert)
12 August 2009
interest on delayed payment of tds will be allowed as expenses. Only penalty for non deduction will not allowed as deduction.
12 August 2009
Interest on delayed payment on TDS is not a business expenditure.
Citation:- 1) Bharat Commerce & Industries ltd 98 tax 151 (Sc)-- delivered in the context of interest paid for delayed payment of advance tax.
2) National Engineering Industries Ltd. 113 ITR 252 9Cal)-- delivered in the context of delayed payment of tax u/s 220(2).
Citation:- 1) Bharat Commerce & Industries ltd 98 tax 151 (Sc)-- delivered in the context of interest paid for delayed payment of advance tax.
2) National Engineering Industries Ltd. 113 ITR 252 9Cal)-- delivered in the context of delayed payment of tax u/s 220(2).
Aditya Maheshwari
(Expert)
13 August 2009
It will not be allowed
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