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Late payment of TDS

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(Querist)
20 February 2008 when we pay the interest for late payment of tds to gov.we are elgible to deduct interest as admissible expenditure?.if we can under what section.
Some sir's are given reply this is penalty in nature,so this is noy allowed.Thanks for reply

BUT Ihave one doubt The late payment is due to non availability sufficient funds in business.Sobusiness have to bare burden of interest
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CA. GOPAL SONIKA

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CA. GOPAL SONIKA (Expert)
20 February 2008 No Mr Navin, the reason for making late payment of TDS because of insufficient funds cannot be considered for allowing interest paid.
The interest of the nature referred is not an allowable expenses
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CA Saurabh Maheshwari

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CA Saurabh Maheshwari (Expert)
20 February 2008 MR NAVIN THE INTEREST PAID BY YOU DUE TO INAVAILABILITY OF FUNDS IS NOT A PENAL NATURE FROM YOUR POINT OF VIEW BUT AS FAR AS INCOME TAX ACT IS CONCERNED IT IS PENAL IN NATURE AND THE INTEREST PAID IS NOT ALLOWABLE
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