Interest on tds
This query is : Resolved
SHESHU KUMAR TANGUTURI
(Querist)
15 February 2013
Interest on late payment of TDS is allowable or not as an expense in the case of tax audit.
CA Parul Saxena
(Expert)
15 February 2013
Not allowed...
SHESHU KUMAR TANGUTURI
(Querist)
15 February 2013
can you please support your answer(where it was mentioned)
CA Parul Saxena
(Expert)
15 February 2013
Disallowed under section 37 of the income tax act. Interest on late payment is like penal action by department for late payment of TDS and any expenditure which are penal in nature would be disallowed.
CA.Sourabh Sethia
(Expert)
15 February 2013
agree with Parul
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