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interest paid u/s 234abc

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Querist : Anonymous

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Querist : Anonymous (Querist)
11 April 2010 is the interest paid by an assesse u/s234abc
allowable as a deductible expense while computing business income?plz rply at the latest.
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Ghanshyam T Jha

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Ghanshyam T Jha (Expert)
11 April 2010 No, Its not deductible u/s 40(a)(ii)
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CA Prashant Gupta

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CA Prashant Gupta (Expert)
11 April 2010 it is not deductible.
reason is this is your fault for not following all advance tax and return processes and act doesn't allow penalty.
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