disallowance expenditure
This query is : Resolved
02 September 2009
whether interest paid on vat/cst (sales tax) is allowable expenditure are not? while considering income from business/profession, please quote section or case laws
02 September 2009
Yes interest on VAT/CST is allowable. Even penalty in the nature of interest in VAT is also allowable expenditure.
02 September 2009
Interest payable on VAT or CST is allowable expenditure under Income Tax Act.
But penalty imposed on violation of Act is not an allowable expenditure.
But penalty imposed on violation of Act is not an allowable expenditure.
02 September 2009
i agree with Mr. Ravi
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