Int.on TDS
This query is : Resolved
09 August 2010
If interest paid on late payment of TDS then whether it comes under penalty or something else.Please clarify with I.T.rules only
09 August 2010
Even after payment of TDS you come within the provision of penalty u/s 221 for late deposit of TDS. The maximum amount of penalty is the amount of TDS involved.
09 August 2010
Agree with Mr. sanjay.
Interest paid is only meant to compensate the late payment, but that does not absolve you from the liability of penalty u/s 221 for offence of failure in paying TDS in time.
Interest paid is only meant to compensate the late payment, but that does not absolve you from the liability of penalty u/s 221 for offence of failure in paying TDS in time.
09 August 2010
Interest u/s 201(1A) is only compensatory in nature & not penal.
Interest under section 201(1A) not being penal in nature, the question of waiver of interest on grounds such as reasonable cause, bonafide belief, unintentional are irrelevant.
G.M. Punjab Roadways vs. ITO (2009) 178 Taxman 112 (Chandigarh) (SMC)
Interest under section 201(1A) not being penal in nature, the question of waiver of interest on grounds such as reasonable cause, bonafide belief, unintentional are irrelevant.
G.M. Punjab Roadways vs. ITO (2009) 178 Taxman 112 (Chandigarh) (SMC)
10 September 2012
as said by you all,Interest is compensatory in nature and I also agree to it, Interest on late payment of TDS should be allowed as expenditure while computing total income. Agree ???
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
- Errors in lTDS FORM 26 QB FILING FOR Last instalment payment FOR HOUSE PROPERTY PURCHASE
- TDS deposited by party after the filing of income tax returns
- Reg Correction Form 15CB & 15CA
- Regarding Capital gain of NRI
- Gstr9 fy23-24
- Rebate u/s 87a on STCG / LTCG - New tax regime
- Query on Cheque
- EXEXMPTION U/S 54 AFTER DEATH OF ASSESSEE
- Regarding TDS refund u/s 194B & 194G of AY 2024-25
- GST Input disallowed on account of e invoice not issued by supplier
- Books of accounts for gratuity fund trust
- Is Home Orderly Allowance available to Judicial Officers of India, Taxable?
- Voluntary gst tax given in DRC FORM 3 US 122 AND US125
- Rule 42 Calculation
- At least one Business Code is mandatory either in Schedule Nature of Business or at Point 61
- Fixed assets to be expensed out resulting nil value
- ITC RECREDIT NOT SHOWN IN GSTR 9
- Regarding Tata Motors Stock
- GSTR9 ITC AVAILED CLARIFICATION
- Gstr9 2023-24
Trending Online Classes
-
6 days Certification Course on GST Practical Return Filing Process
CA Pratibha Goyal16 December 2024
CAclubindia
