interest paid in against of TDS payment to department is allowable expense or not ?????
CA Krishan Kumar Gupta (Business) (128 Points)
12 August 2010interest paid in against of TDS payment to department is allowable expense or not ?????
shyam sundar
(Article Assisstant)
(183 Points)
Replied 12 August 2010
Its not allowed, as the interest paid arise because of penal provisions.. Any penalty or interest paid on account of penal provisions are not allowed in IT Act 1961.
Mohammed Dalal
(Chartered Accountant)
(163 Points)
Replied 12 August 2010
Kalpesh Chauhan,
(Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com))
(8310 Points)
Replied 12 August 2010
| Originally posted by : vikash | ||
 |
Definitely unallowable |
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CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 12 August 2010
it will not be allowed as an expense........
Dharmendra Jha
(Asst. Manager Finance)
(100 Points)
Replied 13 August 2010
yes its a disallowed expenses u/s 37(1)
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 13 August 2010
IT WILL BE DISALLOWED UNDER EXCEPTIONS TO SEC 37(1).
REGARDS,
MANOJ
CMA. Subhash Kumar Jha
(General Manager - Finance)
(8391 Points)
Replied 13 August 2010
Will not be allowed.
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