INTEREST ON TDS

[anjali khandelwal]

IS INTEREST ON TDS ALLOWABLE EXPENDITURE OR NOT? IF NOT THEN UNDER WHICH SECTION? 

AI Summary

Interest on TDS Not Allowable as Business Expense; Classified Under Rent, Rates, and Taxes A forum participant inquired whether interest on TDS (Tax Deducted at Source) is an allowable expenditure and, if not, under which section it is disallowed. A respondent clarified that interest on TDS is not considered a business expense. Instead, it is categorized under rent, rates, and taxes, forming part of current liabilities on the balance sheet. The respondent initially addressed the inquirer incorrectly but later corrected the salutation.