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Interest on TDS
Should I dissallow interest paid on late payment of TDS? The act says any penalty paid to Tax authorities should be dissallowed .Since there is difference between interest and penalty ,please clarify if I should dissallow or no .If yes under which section
Replies (3)
Interest is allowed, late fees or penalty is not.
I have taken a unsecure loan for my personal use & i hv made the payment exceeding the limit specified under 194A......is im liable to deduct TDS?
Assessee is liable for Audit
Assessee is Individual
Assessee is liable for Audit
Assessee is Individual
Interest paid for late deduction of TDS was like penalty and will be disallowed U/s 37.
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