Interest on late payment of tds
This query is : Resolved
02 September 2013
Sir,
Is interest on late payment of TDS allowed in income tax under the head profit under Business and profession
Is interest on late payment of TDS allowed in income tax under the head profit under Business and profession
02 September 2013
No it is disallowed.
As per various judicial pronouncements,- CIT VS ASHOKA MILLS LTD (1996) (GUJ), CIT VS RAIPUR MANUFACTURING CO LTD (1996)(GUJ), BHARAT COMMERECE & INDUSTRIES LTD V CIT (1998) (SC)
"Interest paid under any provisions of income tax act, wealth tax act, fringe benefit tax, for late payment or short payment of regular tax, advance tax, selt assessement tax, TDS etc. is not deductible.."
As per various judicial pronouncements,- CIT VS ASHOKA MILLS LTD (1996) (GUJ), CIT VS RAIPUR MANUFACTURING CO LTD (1996)(GUJ), BHARAT COMMERECE & INDUSTRIES LTD V CIT (1998) (SC)
"Interest paid under any provisions of income tax act, wealth tax act, fringe benefit tax, for late payment or short payment of regular tax, advance tax, selt assessement tax, TDS etc. is not deductible.."
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