Expenses allowed ot not
This query is : Resolved
15 November 2014
Income tax paid for the Ay 2011-12 on October 2013 i.e. in this audit period . so i want to know that this income tax paid is allowed as deduction from business expenses or from capital account.
CA Tejas Mistry
(Expert)
15 November 2014
Income Tax [Sec. 40(a)(ii)] : any sum paid on account of Income Tax ( i.e. any rate or tax levied on the profits or gains of any business or profession) is not deductible. Similarly, any interest, penalty, fine for non-payment or late payment of Income tax is not deductible. This rule is applicable whether Income-Tax payable in India or Outside India.
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