Form 3cd
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 August 2013
Whether penalty imposed by creditor for delayed payment of bill; is an allowable expenditure or not allowable under clause 17 (e) ii of form 3CD??
28 August 2013
Generally, creditor charges interest (not penalty) for the delayed payment. such interest payment is an allowable expenditure and it is not covered in clause 17(e)(i) to (iii) of form 3CD.
If it is penalty, then clause 17(e)ii) applies.
If it is penalty, then clause 17(e)ii) applies.
28 August 2013
If delayed interest is paid to MSMED parties it is inadmissable expenditure
.
.
And can be reported under Clause 17A of Form 3CD
This clause inserted by CBDT ,,through Notification 36/2009 dated 13/04/2009
So,,if interest paid is to MSMED parties it is disallowed ,,and cannot consider for purpose of computation of income tax
.
.
And can be reported under Clause 17A of Form 3CD
This clause inserted by CBDT ,,through Notification 36/2009 dated 13/04/2009
So,,if interest paid is to MSMED parties it is disallowed ,,and cannot consider for purpose of computation of income tax
28 August 2013
That is correct
If creditor is an MSME then clause 17(e) is not appropriate . Has to be disclosed in clause 17A.
If creditor is an MSME then clause 17(e) is not appropriate . Has to be disclosed in clause 17A.
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