Expenses allowable or not

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 August 2010 sales tax apid of earlier yrs if w\off to p&l whether allowable exp. or not? also interest on late payment of sales tax allowable or not?

Ram Avtar Singh

Ram Avtar Singh (Expert)
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12 August 2010 Sales tax, Service tax and other interests which are incidental to the business the same is an allowable expenditure. Any penalty paid regarding those issues is not an allowable expenditure.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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12 August 2010 ADDITIONAL SALES TAX I.E PAID FOR EARLIER YEARS ARE ALLOWABLE AS EXPENSES. INTESRT IS ALSO ALLOWED AS EXPENSES BECAUSE IT IS COMPENASATORY NATURE NOT PENAL NATURE.

ANY INTERST WHICH IS PENAL NATURE IS NOT ALLOWED.

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