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Interest paid on TDS
is interest paid on TDS allowed??
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DCIT Vs M/s. Rungta Mines Ltd (ITAT Kolkata)
Conclusion: Interest expenses claimed by assessee on account of delayed deposit of TDS liability was allowable under section 37(1) as the TDS amount did not represent the tax of assessee but it was the tax of the party which had been paid by assessee
Conclusion: Interest expenses claimed by assessee on account of delayed deposit of TDS liability was allowable under section 37(1) as the TDS amount did not represent the tax of assessee but it was the tax of the party which had been paid by assessee
Yes, interests paid on delay payment of TDS is allowed as expenses.
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