Interest on TDS

gayathri maruwada   21 July 2019

gayathri maruwada

 3 likes  55 points

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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

Kunal Mittal (FINANCE OFFICER)     21 July 2019

Kunal Mittal
 20 likes  507 points

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Interest is allowed, late fees or penalty is not.

Jaya Kaur Labana   21 July 2019

Jaya Kaur Labana

 4 points

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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

Kalyani (Chartered Accountant)     21 July 2019

Chartered Accountant 
 6 likes  181 points

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

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