Interest on vat paid allowed as expenses
This query is : Resolved
05 October 2011
Late payment of VAT with interest
Can this interest allowed as expense in P&L Account or this expense treated as withdrawal and deducted from capital account
Can this interest allowed as expense in P&L Account or this expense treated as withdrawal and deducted from capital account
05 October 2011
It is an allowable expenditure for accounting as well as income tax purposes.
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