Tds

This query is : Resolved

Dhara (Querist)
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22 July 2013 Plz tell me that interest paid on TDS/VAT for delay payment is allowed as business expenditure while computing business income??
Kindly tell me section numbers..

CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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22 July 2013 allowed u/s 43B, but only indirect taxations interest.

Interest paid on TDS/income tax/wealth tax not allowed.

Dhara

Dhara (Querist)
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22 July 2013 But sec 43B says any sum payable by the assessee by way of tax, duty, cess or fee & not the not mention any thing for interest.

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CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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22 July 2013 yes, interest paid under any other law (except Income tax) considered as tax duty and cess only.

CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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22 July 2013 refer case:-

the Calcutta High Court in the case of Hindustan Motors Ltd. v. CIT, 218 ITR 450.

before the Rajasthan High Court in the case of Shree Pipes v. Dy. CIT, 209 CTR 444.