Allowability of expenses

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 September 2016 Sir,

Whether the following expenses are allowed under income tax act

1- Sales Tax Penalty
2-interest on tds ( late payment and also on belated filing of return)
3-234 A,B,C interest
4- other penalties( under different statutes)

Thanks & Regards,

Amol S Joglekar

Amol S Joglekar (Expert)
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23 September 2016 penalty : No.... (In some cases of sales tax, although called penalty, it was in the nature of interest and hence allowed.)
income tax is non allowable.....so any interest on income tax is also non allowable

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