Penalty for late payment of st & tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 April 2012 Hi,

I have one doubt, pls carify.

Interest for late payment of Service tax and TDS, this expense is allowed as indirect expense under Income tax Act?

Thanks

swasti

swasti (Expert)
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20 April 2012 Interest on late payment of Service tax is allowed but Interest on late payment of TDS is not allowed. Further to add, if there is any kind of penalty, then it is disallowed.

CA Kishore Tallam

CA Kishore Tallam (Expert)
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20 April 2012 Interest for all delayed payments will be disallowed.

Querist : Anonymous

Querist : Anonymous (Querist)

20 April 2012 then how can i treat these type of expenses?

Querist : Anonymous

Querist : Anonymous (Querist)

21 April 2012 Pls reply,

CA Kishore Tallam

CA Kishore Tallam (Expert)
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21 April 2012 In books u will charge off. But in income tax, they will not be allowed as expenditure. Its a permanent disallowance.

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