Interest on tds late payment

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 September 2012
Pls suggest me,

Interest on Late Payment of TDS or Late Deduction of TDS is allowable or disallowable while computing the Total Income of the Assesse...

If disallowable above said interest, under which section it is diallowable..

Thanks in advance....

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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08 September 2012 As per section 40(a)(ii) & (iia) Income tax and wealth tax are not deductible. Provided Interest paid on delayed payment of Income tax is a part and parcel of the income tax itself and accordingly disallowed u/s40(a)(ii)- "parshuram agarwalla vs. CIT(2003) 130 Taxman 774(Gau).

And TDS also same as Income tax.

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