Interest paid on TDS
GUDIMETLA VINODKUMAR (123) (11 Points)
13 July 2020
is interest paid on TDS allowed??
3 Replies
RAJA P M
("Do the Right Thing...!!!")
(128101 Points)
Replied 14 July 2020
Your query is not cleared...
Can You elaborate with more details...?
Can You elaborate with more details...?
CA ABHAY GUPTA
(Practice)
(3235 Points)
Replied 14 July 2020
DCIT Vs M/s. Rungta Mines Ltd (ITAT Kolkata)
Conclusion: Interest expenses claimed by assessee on account of delayed deposit of TDS liability was allowable under section 37(1) as the TDS amount did not represent the tax of assessee but it was the tax of the party which had been paid by assessee
Conclusion: Interest expenses claimed by assessee on account of delayed deposit of TDS liability was allowable under section 37(1) as the TDS amount did not represent the tax of assessee but it was the tax of the party which had been paid by assessee
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 18 July 2020
Yes, interests paid on delay payment of TDS is allowed as expenses.
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