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Section 37

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Querist : Anonymous (Querist)
09 July 2010 Is interest paid on delayed payment of Sales tax and tds payment allowed while calculating taxable income
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CA.Mini

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09 July 2010 Interest paid on sales tax is not penalty .It is compensatory in nature and is allowable deduction in computing the profits of a business.Lakshmandas Mathuradas vs.CIT(1997).thus allowable u/s 37 of the IT Act.TDS paid is not an allowable expenditure as it is a charge not an expense.
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