Interest Paid for late payment of GST
This query is : Resolved
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P Saravanan
(Querist)
10 July 2020
Sir
Whether interest paid for late payment of GST is allowable expenses or not under income tax act?
Some of the experts saying to disallow the same.
Regards
P.Saravanan.
Whether interest paid for late payment of GST is allowable expenses or not under income tax act?
Some of the experts saying to disallow the same.
Regards
P.Saravanan.
KAVIRAJA ADDANGADI
(Expert)
10 July 2020
interest paid is allowed but late fee or penalty paid is disallowed under income tax act.
Dhirajlal Rambhia
(Expert)
05 November 2021
As per recent judgement, even late fees & penalty, being part and parcel of business, is allowed for deduction under IT assessment.
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