Interest
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 September 2010
I want to know what will be the effect in books of accounts for Interest paid in F.Y 2010-11 For Late payment of any Taxes(TDS, Service & Vat) for the year 2009-10
1)whether the interest paid for late payment of Taxes for the F.Y. 2009-10 will be booked as expenses in 2010 -11 or
2) it will be booked in 2009-10 as interest payable in provision A/c
1)whether the interest paid for late payment of Taxes for the F.Y. 2009-10 will be booked as expenses in 2010 -11 or
2) it will be booked in 2009-10 as interest payable in provision A/c
12 September 2010
Interest on late payment of VAT and service tax is an allowable expenditure under the Income tax Act,1961 whereas interest on belated deposit of TDS will be disallowed.
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