Interest Paid for late payment of GST
This query is : Resolved
Quick Summary
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.
10 July 2020
interest paid is allowed but late fee or penalty paid is disallowed under income tax act.
05 November 2021
As per recent judgement, even late fees & penalty, being part and parcel of business, is allowed for deduction under IT assessment.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- Taxable or Tax exempt
- TDS Deducted AY-2013-14 Not Reflected in 26as
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- NRI starting business in India
- ADVANCE PAYMENT OF ADVOCATE
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- Invertaded duty struture
- Capital gain on sale and purchase of plot
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
