Under which Sec of IT Act interest on late payment of TDS id disallowed?????????
Swanand
(CA Articled Assistant)
(65 Points)
Replied 21 November 2012
Interest on late payment of TDS is disallowed under section 37(1) of the income tax act.
Although Sec 37(1) provided for the allowability of general expenses incurred for business, it also mentions certains exceptions for which no allowance for expenses under income tax act.
CAclubindia
