Iinterest income on t.d.s.
This query is : Resolved
16 August 2013
Sir,
What is the Tax Treatment of Interest income on T.D.S.?
What is the Tax Treatment of Interest income on T.D.S.?
16 August 2013
In case you asking about Interest on refund of TDS amount then such interest amount shall be taxable under income from other sources and has to credit to the profit and loss account instead of credit to P&L you can also credit to capital account but at the time of computation of total income you shall make necessary adjustments for tax treatment.
In case you asking about the interest for late payment of TDS then it is debit to the Profit and loss account as well as this is inadmissable expenditure for income tax purpose so it has to be added back at the time of computation of total income for tax purpose. Instead of this you can also debit it to the capital account.
OM SAI SRI SAI JAI JAI SAI
In case you asking about the interest for late payment of TDS then it is debit to the Profit and loss account as well as this is inadmissable expenditure for income tax purpose so it has to be added back at the time of computation of total income for tax purpose. Instead of this you can also debit it to the capital account.
OM SAI SRI SAI JAI JAI SAI
16 August 2013
tds refund is not taxable and int on tds refund is taxable under head income from other sources.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Inventory of finished goods
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Tds on building rent monthly
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Sale of property furniture sale
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Confusion around Form 26QB fields
- RCM INVOICING FROM NOV-2024
- GST Regis.
- Applicability of Ind As to associate of associate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
