Interest on Late Tax Payment Not Deductible u/s 37(1) or Sections 30-36 of Income Tax Act.

Interest on Late Tax Payment Not Deductible u/s 37(1) or Sections 30-36 of Income Tax Act. https://www.taxtmi.com/highlights?id=59212 Disallowances of the interest of late deposit of tax deducted at source - The Assessee has failed to pay his statutory dues in time and therefore, there is an interest liability. Therefore, such expenditure is not at all allowable to the Assessee as deduction u/s 37(1) - Even otherwise this deduction is not allowable in any of the section u/s 30 to 36 of the Act - AT en-us Sat, 14 Aug 2021 09:27:22 +0530 Sat, 14 Aug 2021 09:27:22 +0530 TaxTMI RSS Generator Interest on Late Tax Payment Not Deductible u/s 37(1) or Sections 30-36 of Income Tax Act. https://www.taxtmi.com/highlights?id=59212 Disallowances of the interest of late deposit of tax deducted at source - The Assessee has failed to pay his statutory dues in time and therefore, there is an interest liability. Therefore, such expenditure is not at all allowable to the Assessee as deduction u/s 37(1) - Even otherwise this deduction is not allowable in any of the section u/s 30 to 36 of the Act - AT Highlights Income Tax Sat, 14 Aug 2021 09:27:22 +0530 https://www.taxtmi.com/highlights?id=59212