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Interest Paid for late payment of GST

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(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.
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
10 July 2020 interest paid is allowed but late fee or penalty paid is disallowed under income tax act.
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Dhirajlal Rambhia

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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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