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Interest on TDS

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86 Points Posted on 21 July 2019
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
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On 21 July 2019 at 08:03 Report
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FINANCE OFFICER
580 Points Posted on 21 July 2019
Interest is allowed, late fees or penalty is not.
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On 21 July 2019 at 11:05
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4 Points Posted on 21 July 2019
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
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On 21 July 2019 at 11:59
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Chartered Accountant
181 Points Posted on 21 July 2019

Interest paid for late deduction of TDS was like penalty and will be disallowed U/s 37.

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On 21 July 2019 at 16:26


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