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Interest on Late payment of TDS

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(Querist)
06 July 2010
Whether Interest levied by Income tax dept on late deposit of TDS is deductible ? Also quote section no.

Thanks.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
06 July 2010 yes.Late deposit attract Interest presently @ rate 1.50% per month or part of the month from the date of deduction to date of tds payment sec.201(1A)
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Pankaj Jhawar

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Pankaj Jhawar (Expert)
07 July 2010 The same is not a deductible expenditure
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