A FIRM/COMPANY/PROP.FIRM PAID TDS LATE PAYMENT INTEREST
IS EXPENSE ALLOWED OR NOT
6 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 05 September 2023
You Can go through So many Case laws .
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 05 September 2023
No... Interest and Penalty Will be disallowed
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 06 September 2023
corporate genie
(18 Points)
Replied 06 September 2023
TDS (Tax Deducted at Source) late payment interest is a penalty levied on entities that fail to deposit TDS deductions on time. In Delhi, Corporate Genie is a trusted service provider for TDS return filing. They specialize in helping businesses and individuals comply with TDS regulations. Corporate Genie ensures timely TDS deposit to avoid interest penalties and provides expert guidance on TDS compliance. Their expertise in TDS return filing in Delhi makes them a reliable partner for handling TDS-related matters, helping clients avoid late payment interest and stay in compliance with tax regulations.
Raman Sharma
(36 Points)
Replied 09 September 2023
Interest on late payment of TDS is not penal in nature. it is allowed u/s 37(1). Honble SC in its ruling in d case of Lachmandas Mathuradas has held that interest on late payment of TDS is compensatory in nature and allowed as deduction u/s 37(1).
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