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Interest on tax and late fee

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 February 2018 Dear experts please clarify me that interest on taxes like GST or Income Tax and late fee over filing return late does comes in general expenses of the firm or not? Can we show it as indirect expense in the book as interest incurred on Tax or Late Fee over filing return late or is it of some other nature?

Plz answer
Thanks in advance.
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
08 February 2018 Interest on late payment of TDS is disallowed under section 37(1) of the income tax act.
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Querist : Anonymous

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Querist : Anonymous (Querist)
08 February 2018 Then sir in which head such expenses will go?




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