Income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 February 2016
Can Late Filling Charges be claimed as Expense in Income Tax???
04 February 2016
No , because late filing fee paid as a consequence of default in discharging a statutory liability can not be considered as expenditure laid out wholly and exclusively for the purpose of business or profession and hence are not deductible u/s 37(1) of the Income tax Act,1961.
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