Interest over income tax
Querist : Anonymous
and under which head this item will be placed.
Querist : Anonymous
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
Querist : Anonymous
As i have read in icai schedule vi guidlines :-
Interest paid of Income tax is part of Finance cost and shown under Finance cost.
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