Inerest paid on late deposit of vat, tds, excise & servi tax

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Querist : Anonymous

Querist : Anonymous (Querist)

22 February 2013 Is interest paid on late deposit of VAT, TDS, Excise & Service Tax is allowable as business expenditure?

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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22 February 2013 Interest paid on late deposit of VAT Excise & Service Tax is allowable as business expensiture

but interest on late payment of TDS is not allowed

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Querist : Anonymous

Querist : Anonymous (Querist)

22 February 2013 Sir,
where can I get it? Which book I should refer to?

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CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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23 February 2013 you can refer Income Tax Act

in the website of Income Tax Department or various other Books publishing Income Tax

Querist : Anonymous

Querist : Anonymous (Querist)

25 February 2013 Please give section and subsection of I.T.Act. Kindly also give page number in " TAXMANN'S DIRECT TAXES Law and Practice"of Vinod Kr singhania and Kapil Singhania