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
(Expert)
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.
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.
ANY INTERST WHICH IS PENAL NATURE IS NOT ALLOWED.
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