Interest & Penality allowable or not
This query is : Resolved
CA Manikandan.A.V
(Querist)
19 May 2008
Sir,
If a company paid Interest to the Dept. for not deducting TDS as per their assessment, the interest and Penality thus paid is allowable as an expense or not?
Please help me in this matter,
regards,
Manikandan.A.V
If a company paid Interest to the Dept. for not deducting TDS as per their assessment, the interest and Penality thus paid is allowable as an expense or not?
Please help me in this matter,
regards,
Manikandan.A.V
CA Hemant T Dewani
(Expert)
19 May 2008
this is not allowed expences when you pay interest on income tax are not allowed also penalty is not allowed
CA Manikandan.A.V
(Querist)
19 May 2008
Thank you..
19 May 2008
YES SRI HEMANT IS RIGHT.
PENALTIES AND PENAL INTEREST ARE NOT ALLOWABLE EXP.,UNLESS ONE COULD CAMOUFLAGE THESE EXP. UNDER SOME OTHER HEADS IN A DISGUISED MANNER/DEDUCTED FROM SOME RELATABLE INCMOME.
R.V.RAO
PENALTIES AND PENAL INTEREST ARE NOT ALLOWABLE EXP.,UNLESS ONE COULD CAMOUFLAGE THESE EXP. UNDER SOME OTHER HEADS IN A DISGUISED MANNER/DEDUCTED FROM SOME RELATABLE INCMOME.
R.V.RAO
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