Interest on TDS is allowed as an expense or is disallowed?
For either of them kindly mention the section and provision.
4 Replies
NAGASAI.K
(Article Assistant)
(193 Points)
Replied 03 September 2013
After analysis of section 40(a)(ii) , i came to view that Interest on TDS is disallowed ..................
CA girl
(Article Trainee-CA Final)
(1942 Points)
Replied 03 September 2013
Any kind of penalties or interest levied for non compliance of tax laws,etc are expressly disallowed.
Pratik CA Final
(Article Assitant)
(102 Points)
Replied 04 September 2013
But as per section 40 a ii ,interest includes interest under sections 139, 215 and 217 whereas interest on TDS is u/s 201(1A) or u/s 206c(7).So my doubt still stands.
peer aajiz
(STUDENT)
(51 Points)
Replied 01 November 2013
interest on TDS is penalty for assesee, becoz of non-payment or non deduction on due date. hence is not allowed as as expense in income tax act.
Recent Topics
- Form 3CEAB
- Form 3CEAA and Form 3CEAB
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
- ITC reversal in GST 3B
Related Threads
CAclubindia
