Deduction
This query is : Resolved
Navpreetkaurlitt
(Querist)
05 December 2016
Is Interest for late payment of sales tax and penalty is deductible under business income ?
sandip rai
(Expert)
06 December 2016
Interest is not a penalty and therefore allowed expenditure under income tax. But practically, if interest amount is minimum advisable to disallow to avoid any further conflict with authority.
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