Journal entery
This query is : Resolved
08 June 2015
Dear sir
What entry to be pass when i make a payment of interest on tds
What entry to be pass when i make a payment of interest on tds
14 June 2015
Interest on TDS A/c Dr...
To Bank A/c..
(Being interest paid for late deposit of TDS)
To Bank A/c..
(Being interest paid for late deposit of TDS)
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
Citation: Madras high court decision
in CIT V Chennai Properties & Investments Ltd reported in 239 ITR 435
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