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Interest on TDS is Allwoed or not
as per section 37 of Income Tax Act interest on TDS and late fees on return filing of TDS return allowable expenditure or not in the business head
Replies (5)
Not allowable
Amount paid for violation of law is disallowed under income tax act
So it's not violation but a penalty fees, a sort of income for the dept.
Late payment and late filing of tds are violation of law only.
Why penalty is imposed because it restricts the assesse to delay in filing of returns , it also helps in disposal of notice in the right manner. So it's a minor violation.If it a gross violation then there are instances to deal with it
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