Interest on TDS
This query is : Resolved
29 July 2010
Dear Sir/Mam,
Can u please tell me the allawance or disallowance of expense in the following case.
If there is delay in deduction of TDS which resulted in delayed payment also which attracts interest on TDS.
If the assessee has paid TDS amt. but has not charged & paid interest on the same, then the expenses on which TDS has deducted is allowed as deduction in the P. Y. or not?
Thanks
Best Regards
Ashwini
Can u please tell me the allawance or disallowance of expense in the following case.
If there is delay in deduction of TDS which resulted in delayed payment also which attracts interest on TDS.
If the assessee has paid TDS amt. but has not charged & paid interest on the same, then the expenses on which TDS has deducted is allowed as deduction in the P. Y. or not?
Thanks
Best Regards
Ashwini
29 July 2010
If TDS has been deducted and deposited then expenses cannot be disallowed.
29 July 2010
interest on tds ill not be allowed. but expences on which tds has been paid will be allowable exp. It does not matter wheather you have charged interest on tds regarding allowability of exp.
29 July 2010
Expenses will be allowed.
But a demand for the penal interest can be raised anytime by the IT deptt after finding the same in the etds return.
But a demand for the penal interest can be raised anytime by the IT deptt after finding the same in the etds return.
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