Interest on delay payment
This query is : Resolved
25 April 2016
Whether Interest ,penalty on delay payment on TDs,income tax allowable as an expense???
25 April 2016
Interest on TDS is levied under section 201(1A) of the Income tax Act,1961. The said expenditure will not be allowed as a business expenditure.
Citation: Madras high court decision in CIT V Chennai Properties & Investments Ltd reported in 239 ITR 435
Citation: Madras high court decision in CIT V Chennai Properties & Investments Ltd reported in 239 ITR 435
25 April 2016
Penalty will also be disallowed.
25 April 2016
Interest, penalty, late fees disallowed u/s 37.
26 April 2016
Yes it will be disallowed and you don't have to take as expense. you have to add in your income as disallowed expense and then calculate your tax liability.
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