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Journal entery

This query is : Resolved 
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(Querist)
08 June 2015 Dear sir
What entry to be pass when i make a payment of interest on tds
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
14 June 2015 Interest on TDS A/c Dr...
To Bank A/c..

(Being interest paid for late deposit of TDS)
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
14 June 2015 Also note that Interest on TDS is levied under section 201(1A) of the Income tax Act,1961. The said expenditure will not be allowed as a business expenditure.

Citation: Madras high court decision
in CIT V Chennai Properties & Investments Ltd reported in 239 ITR 435
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