Advance tax & tds
This query is : Resolved
22 August 2011
In FY 2009-2010 Company fails to pay Advacne tax so Interest u/s 234 B & C is charged
For FY 2010-2011 above interest debited in P & L
Sir my question is that
while calculating the Profit whether such Interest is disallowed or allowed.
Same case in TDS also
Pls reply it very urgent
For FY 2010-2011 above interest debited in P & L
Sir my question is that
while calculating the Profit whether such Interest is disallowed or allowed.
Same case in TDS also
Pls reply it very urgent
22 August 2011
Interest on TDS or Income Tax both are disallowed
22 August 2011
interest paid under any provision of Income Tax Act, Wealth Tax Act for late payment or short payment of regular tax, advance tax, self assessment tax, TDS is not deductible
Case laws: Bharat Commerce & Industries Ltd Vs CIT 230 ITR 733 (1998)(SC)
Case laws: Bharat Commerce & Industries Ltd Vs CIT 230 ITR 733 (1998)(SC)
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