Interest paid on additional excise duty is allowable?
This query is : Resolved
20 December 2011
interest paid on additional excise duty to the govt. dept. on late payment whether it is allowable as business expenditure?
Manish Soni
(Expert)
20 December 2011
Dear Mansha,
As interest paid on Excise Duty is compensatory in nature, it's deduction is allowable u/s 37 of the IT Act. Only interest paid on income tax is not allowable.
As interest paid on Excise Duty is compensatory in nature, it's deduction is allowable u/s 37 of the IT Act. Only interest paid on income tax is not allowable.
CA Ayush Agarwal
(Expert)
20 December 2011
Yes, Interest Paid on Income Tax is not Allowable.
Rest Interest Paid on Other Taxes& Duties are Allowable Under Income Tax Act
Rest Interest Paid on Other Taxes& Duties are Allowable Under Income Tax Act
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