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Interest on tds

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(Querist)
15 February 2013 Interest on late payment of TDS is allowable or not as an expense in the case of tax audit.
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CA Parul Saxena online

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CA Parul Saxena online (Expert)
15 February 2013 Not allowed...
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SHESHU KUMAR TANGUTURI

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SHESHU KUMAR TANGUTURI (Querist)
15 February 2013 can you please support your answer(where it was mentioned)
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CA Parul Saxena online

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CA Parul Saxena online (Expert)
15 February 2013 Disallowed under section 37 of the income tax act. Interest on late payment is like penal action by department for late payment of TDS and any expenditure which are penal in nature would be disallowed.
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CA.Sourabh Sethia

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CA.Sourabh Sethia (Expert)
15 February 2013 agree with Parul

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