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Interest on late payment of TDS

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(Querist)
28 May 2008 Is Interest on late payment of TDS allowable as business expense? Allowance/Disallowance is governed by which section of Income tax?
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CA. Yayati Tyagi

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CA. Yayati Tyagi (Expert)
28 May 2008 no, read sec 36 and 37

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