MY DOUBT IS WHETHER THE INTEREST PAID FOR THE DELAY IN STATUTORY PAYMENTS RENDERED TO THE GOVT IS DEDUCTABLE EXPENDITURE OR NOT UNDER THE INCOME TAX ACT 1961...( ONE OF MY CLIENT PAID THE INTEREST ON DELAY PAYMENT OF THE TDS TO GOVT....THATS WAT I AM ASKING),PLEASE GIVE REPLY.........THANKS IN ADVANCE............
28 September 2009
Interest Paid on Direct Taxes is not allowed in Income Tax Act, 1961 though interest paid on Indirect taxes allowed in Income Tax Act hence this not deeductable expense
CAclubindia
