banner_ad

Interest on statutory dues -prior period expense

This query is : Resolved 
Profile Image

Profile Image

(Querist)
08 June 2016 WHETHER PAYMENT OF INTEREST ON STATUTORY DUES i.e. service tax, tds , vat ,pt TO BE BIFURCATED i.e. INTEREST THAT ACCRUED IN PREVIOUS PERIOD TO BE TRANSFERRED TO PRIOR PERIOD EXPENSE AND THAT ACCRUE IN CURRENT PERIOD TO TO BE CHARGED TO P & L NORMALLY
Profile Image

CA SUNIL K GARG

Profile Image

CA SUNIL K GARG (Expert)
08 June 2016 As per Section 43B, any statutory liability shall be allowed as deduction only in the previous year in which such sum is actually paid. This is irrespective of the previous year in which the liability to pay such sum was incurred by the assessee.
Profile Image

Rupesh Jain

Profile Image

Rupesh Jain (Expert)
08 June 2016 intt. will calculate till the date of payment. you can take prov of late payment intt liability on balance sheet date. its not the allowed exp. under income tax. under company act you can see as prior period item.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
16 May 2026
Audit clerk

mgirt & co

Bengaluru

CA Inter

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
01 June 2026
Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
24 May 2026
Accounts & Tax Executive

PARAS KHURANA AND CO

New Delhi

B.Com

View Details
Company
10 May 2026
Finance specialist

Right way solution

Ajmer

CA

View Details