interest on late payment of TDS and excise duty
Is interest paid on late payment of TDS and excise allowable under IT act?
As per Income Tax penalty paid for offence is not allowed. However interest is not penalty and falls under normal course of business.
Late paying is not an offence, so as per my knowledge the interest expenses on taxes is allowed except interest paid on Income Taxes.
Interest paid on income tax is considered as income tax only, so not allowed. Other interests are allowed.