BUSINESS EXPENSE
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 September 2010
WHETHER INTEREST ON SERVICE TAX IS ALLOWABLE AS BUSINESS EXPENSE ?
CA Navin Jain
(Expert)
23 September 2010
NOT ALLOWED AS PER INCOME TAX ACT
CA Sanat Pyne
(Expert)
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...
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23 September 2010
Can be claimed as business expenditure u/s 37 of the Income tax Act,1961.
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