Interest on statutory dues -prior period expense
This query is : Resolved
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
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.
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.
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