Finology
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Expense allowable ?


18 January 2022 Is this view correct ?
Interest on income tax - NOT allowable exp.
Interest on GST - allowable exp.(since it is compensatory in nature) while in case of income tax it is part of income tax which is itself not an allowable exp.

GST Penalty - not allowable
GST fees - allowable
TDS late fees - allowable

19 January 2022 TDS Late Fee not allowable. Other than that all correct

19 January 2022 One of the teaching faculties has a view that you t is nothing but fees for filing TDA return after prescribed date....

So in my opinion is that in Normal cases it would be allowed...but if the same has to be paid under a demand by ITD it would not be allowed since it would become a part of penalty and therefore penal in nature....is that view correct



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