Interest over income tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 November 2013 What will be the treatment as per schedule VI of interest paid under 234B&C.
and under which head this item will be placed.

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

25 November 2013 account for the same in tax expenses only.

Querist : Anonymous

Querist : Anonymous (Querist)

25 November 2013 this is not the treatment because tax expense provision made during the year but it's not possible to made provision for interest on income tax.

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

25 November 2013 i am sorry.

As per Expert Advisory Committee:

Interest payable under section 234B and
section 234C of the Income-tax Act,
1961, should not be considered as a part
of the tax expense. This may, however,
be separately provided for in accor-
dance with the requirements of AS 29

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

26 November 2013 Yes agreed.

Querist : Anonymous

Querist : Anonymous (Querist)

23 July 2014 Dear all expert,

As i have read in icai schedule vi guidlines :-
Interest paid of Income tax is part of Finance cost and shown under Finance cost.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

SARAVANAN PALANISAMY

GST Karimnagar state

Darshan

Krishnamohan Gangaraju

CA Bijo scaria

Subscribe Now

Interest over income tax

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA