Section 37
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 July 2010
Is interest paid on delayed payment of Sales tax and tds payment allowed while calculating taxable income
09 July 2010
Interest paid on sales tax is not penalty .It is compensatory in nature and is allowable deduction in computing the profits of a business.Lakshmandas Mathuradas vs.CIT(1997).thus allowable u/s 37 of the IT Act.TDS paid is not an allowable expenditure as it is a charge not an expense.
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