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Interest on Delayed payment of TDS whether disallowed

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(Querist)
12 August 2009
Interest on delayed payment of TDS whether disallowed u/s. 40a?
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chetan soni

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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.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
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).
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
13 August 2009 It will not be allowed
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