Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights May 2022 Year 2022 This

Disallowance on account of interest paid on delayed payment of ...

Income Tax

May 25, 2022

Disallowance on account of interest paid on delayed payment of TDS - as the tax deducted at source (TDS) is not in the nature of the income tax which is required to be paid on profits & gains chargeable to tax u/s. 28 of the Act and thus not disallowable u/s. 40(a)(ii) of the Act, the consequent the interest paid u/s. 201(1A) of the Act upon late payment of TDS also cannot be disallowed u/s. 40(a)(ii) of the Act. - AT

View Source

 


 

You may also like:

  1. Section 194S : TDS on payment on transfer of virtual digital asset - Deduction of Tax at Source (TDS), Collection of Tax at Source (TCS) / Withholding Tax

  2. Refusal to waive interest u/s 234A, 234B and 234C - disallowance for want of deduction of tax at source u/s 40(a)(ia) - interest cannot be waived - HC

  3. TDS on salary - Time and mode of payment to Government account of tax deducted at source or tax paid under sub-section (1A) of section 192

  4. TDS u/s 194A - interest income paid to a company carrying on a business of insurance need not deduct tax at source. - AT

  5. Disallowance in respect of interest on delayed deposit of ‘taxes deducted at source’ (TDS) - Allowing of such interest payment on delayed deposit of TDS as deduction...

  6. Charges paid to clearing and forwarding agents disallowed u/s 40(a)(ia) – TDS not deducted u/s 194C - mere reimbursement of charges would not require deduction of taxes...

  7. Co-operative society carrying on banking business need not to deduct tax at source u/s 194A in respect of the interest paid to members on deposits - AT

  8. Penalty u/s 271C – reasonable cause - The assessees are partners in a firm – Both the assessees has paid interest to firm without deducting tax at source - No penalty - AT

  9. Concept of mutuality - mere deduction of tax at source by person making the payment in our humble understanding, cannot lead to the conclusion that receipt was taxable...

  10. Assessee in default - TDS u/s 194A - interest paid/credited to its customers - Interest other than interest on securities - In order to treat a person as assessee in...

 

Quick Updates:Latest Updates