Interest and penalties

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Querist : Anonymous

Querist : Anonymous (Querist)

06 November 2012 Suppose if i pay any interest or Penalty what will be the effect in my books

Pl. help

CA VIKASH AGARWAL (Expert)
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06 November 2012 interest on Indirect taxes is allowed but penalties are not allowed under IT act

Querist : Anonymous

Querist : Anonymous (Querist)

06 November 2012 What will be the effect of Interest Paid?

U S Sharma (Expert)
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08 November 2012 profit will get reduced with the amount paid.

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