Clarification
This query is : Resolved
09 September 2008
author : Gautam J Patel
Posted On : 9/9/2008 7:57:19 PM
whether interest on TDS ,service tax & wealth tax is allowed as a business expense under the Income Tax Act?If yes please give me the relevant section
Expert : CA Praveen Chopra
Posted On : 9/9/2008 7:59:46 PM
Interest on income tax and wealth tax is not allowable but interest on service tax is allowable.Interest on income tax and wealth tax takes the character of income tax as well as wealth tax respectively as judicially held in many decisions whereas interest on service tax is genuine business expenditure allowable u/s 37.
Interest On Income Tax Is Certainly Allowed Because Ineterest Received On Income Tax Refund Is Chargeable To Tax.
Posted On : 9/9/2008 7:57:19 PM
whether interest on TDS ,service tax & wealth tax is allowed as a business expense under the Income Tax Act?If yes please give me the relevant section
Expert : CA Praveen Chopra
Posted On : 9/9/2008 7:59:46 PM
Interest on income tax and wealth tax is not allowable but interest on service tax is allowable.Interest on income tax and wealth tax takes the character of income tax as well as wealth tax respectively as judicially held in many decisions whereas interest on service tax is genuine business expenditure allowable u/s 37.
Interest On Income Tax Is Certainly Allowed Because Ineterest Received On Income Tax Refund Is Chargeable To Tax.
09 September 2008
the answer was coorectly posted by ca praveen chopra sir because intt of penal nature in any other law is not allowable but otherwise it is allowable.
09 September 2008
Yes.
It is Allowable.
It is Allowable.
21 June 2023
"Sorry, I am not a featured member."
For featured members contact....
https://www.caclubindia.com/catalogue/featured.asp
For featured members contact....
https://www.caclubindia.com/catalogue/featured.asp
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
- TDS 194-T applicability
- GST ITC REVERSE
- Fixe term employment
- Is any professional CA is here please reply
- Regarding Applicability of Tax Audit u/s 44AB
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Putting a heading on received mail
- Withdrawal in cash from partners capital account by partner
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- TDS on TRUST
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
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
