Save Rs 499 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Disallowance under IT act

172 views

Save Share

Ramya Bhat

254 Points Posted on 28 June 2021

can u pls provide whether e these are disallowble under the act.

1..Interest paid on TDS
2..late fees paid for tds filing
3..Gst late fees..
4..interest paid on Gst
5..interest paid on late payment of ESIC

Replies (2)

Quick Summary

This discussion clarifies which payments are disallowable under the Income Tax Act. Generally, interest paid on TDS and late fees for TDS filing are disallowed. However, interest and late fees related to GST and ESIC payments are typically allowed. Penalties under both direct and indirect taxes are consistently disallowed.

suraj

Student CA Final

288 Points Posted on 28 June 2021

As per section 37 of income tax Interest Under Direct tax is disallowed ie.1,2 &5
Interest or late fee under indirect tax is allowed i.e 3+5
however penalty under both direct and indirect tax is disallowed