Expenditure deductible?
Querist : Anonymous
how abt interest on TDS and Service tax..whether they are allowable?
The service tax paid by the assessee will never form part of the P&L a/c as it is just collected & deposited - so it just is a BS item.
However the int for late deposit of Service tax will be allowed if it is of compensatory nature otherwise not. also penalty will always b disallowed
Any Int/ penalty under Direct tax laws is not allowed - hence int on TDS not allowed.
Further interest paid under indirect tax is allowable but not for interest paid on direct taxes.
Further interest paid under indirect tax is allowable but not for interest paid on direct taxes.
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