Allowablity of interest on service tax,it
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 August 2011
Whether the amount debited to the P &l for the interest on late payment of the Service tax and income tax is deductible while computing Business income.
20 August 2011
Interest on service tax is an allowable expenditure whereas interest on income tax can't be allowed as a business expenditure for the purpose of tax computation.
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