What is the tax treatment of Interest and Late fee paid for Income Tax, TDS?
anyone pls tell me the treatment for interest on TDS paid for my business can be claimable as expenditure or not? and also late fee paid for delayed return filing of Income tax.
"Yes and No". Interest on TDS is compensatory in nature and is a claimable expense under section 37 of income tax act. However, late fine is a penalty the same cannot be claimed as an expesne. refer the case law "Dcit,Circle-3(11), Kolkata, ... vs M/S Narayani Ispat Pvt. Ltd., ... on 30 August, 2017"
Income tax is unique and difficult tax number for the use of the funds for the government. The collection of the revenue and edubirdie cost is invited for the approval of the terms. The tax rate is reduced for the convenience of the citizens. Its impact is god for the entire audience.
"Yes and No". Interest on TDS is compensatory in nature and is a claimable expense under section 37 of income tax act. However, late fine is a penalty the same cannot be claimed as an expesne. refer the case law "Dcit,Circle-3(11), Kolkata, ... vs M/S Narayani Ispat Pvt. Ltd., ... on 30 August, 2017"
Income tax is unique and difficult tax number for the use of the funds for the government. The collection of the revenue and edubirdie cost is invited for the approval of the terms. The tax rate is reduced for the convenience of the citizens. Its impact is god for the entire audience.