A FIRM/COMPANY/PROP.FIRM PAID TDS LATE PAYMENT INTEREST
IS EXPENSE ALLOWED OR NOT
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TDS LATE PAYMENT INTEREST.
Replies (6)
You Can go through So many Case laws .
No... Interest and Penalty Will be disallowed
It depends
TDS (Tax Deducted at Source) late payment interest is a penalty levied on entities that fail to deposit TDS deductions on time. In Delhi, Corporate Genie is a trusted service provider for TDS return filing. They specialize in helping businesses and individuals comply with TDS regulations. Corporate Genie ensures timely TDS deposit to avoid interest penalties and provides expert guidance on TDS compliance. Their expertise in TDS return filing in Delhi makes them a reliable partner for handling TDS-related matters, helping clients avoid late payment interest and stay in compliance with tax regulations.
Interest on late payment of TDS is not penal in nature. it is allowed u/s 37(1). Honble SC in its ruling in d case of Lachmandas Mathuradas has held that interest on late payment of TDS is compensatory in nature and allowed as deduction u/s 37(1).
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