BUSINESS EXPENSE
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 September 2010
WHETHER INTEREST ON SERVICE TAX IS ALLOWABLE AS BUSINESS EXPENSE ?
23 September 2010
NOT ALLOWED AS PER INCOME TAX ACT
23 September 2010
interest on service tax is diffrent from fine and penalties...it is incidental to business..and therefore allow.... if not agree yet thn tell me interest on sale tax is allowed or not...
it is allowed, there is a case law in ths regard lachmandas mathurada v CIT [2002]...and some more...
therefore if interest on sale tax is allowed thn interest on service tax is also allowed both are indirect taxes...
it is allowed, there is a case law in ths regard lachmandas mathurada v CIT [2002]...and some more...
therefore if interest on sale tax is allowed thn interest on service tax is also allowed both are indirect taxes...
Message likes :
1 times
23 September 2010
Can be claimed as business expenditure u/s 37 of the Income tax Act,1961.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Itr 1 processing
- Off Market debit and credit transaction
- ITR 2 Short Term gain & Long term gain
- Reporting Income under Section 44ADA
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR returnFY25-26
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR validation error - Balance sheet is not filled
- Article ship defecit
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
