INTEREST & PENALITIES

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This query is : Resolved

Rohit ROHIT (Querist)
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28 June 2011 Dear Sir

does interest paid on later deposit of TAx (TDS , STAX etc) will be allowed as expenses or deduction in income tax & penality charges paid for late filling of tax return will also be allowed as expenses.

Please advice section No. with

Thanks in Advance

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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28 June 2011 Interest paid on service tax is allowed.
Interest or penalty for compensating the late payment of Service Tax is allowed.

However, any interest, penalty etc in connection with Income Tax or TDs is not allowed as expense.

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