Accounting of 234a,b,c interest
This query is : Resolved
01 September 2018
Dear All,
What is the accounting treatment of 234A, B , C Interest & If it is included under Interest expenses should it be disallowed?
Regards,
Kiran.
What is the accounting treatment of 234A, B , C Interest & If it is included under Interest expenses should it be disallowed?
Regards,
Kiran.
Gokul Sharma
(Expert)
01 September 2018
Read more at: https://www.caclubindia.com/experts/is-interest-on-income-tax-paid-is-allowed-463240.asp
Read more at: https://www.caclubindia.com/experts/is-interest-on-income-tax-paid-is-allowed-463240.asp
Dhirajlal Rambhia
(Expert)
03 November 2021
Interest payable under the provisions of the Act is also covered - Payment of income-tax is not deductible as per section 40(a)(ii); hence, interest under sections 139, 215 and 217 which is to be regarded as accretion to tax, is also be allowed to be deducted.
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