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Interest

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Querist : Anonymous

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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
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
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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