Interest paid on late payment of tds classification as per schedule iii of companies act 2013


Ashish Singh   14 July 2018

Ashish Singh

 1 points

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Hii, 

 

I have a query reqarding classification of interest paid on late payment of TDS as the same will be classified as Finance Cost or it will be classified as other expenses?

As per Schedule III of Companies Act, 2013 interest Expenses should be classified as Finance Cost but what should be included in that it is not clear.

Please answer the same.

Regards

Ashish Singh

 

avater

rohit (article)     30 March 2019

rohit
article 
 22 points

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The interest paid on late payment of TDS can be shown as "Interest Others" under finance cost head in Schedule III. If you let us know any specific case will be ale to assist you more. With regards, Rohit


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