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Intt on late payment of service tax

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(Querist)
20 September 2009 hi
can u please let me know is the interest paid on late deposit of the service tax is an allowable expense under income tax act 1961.

Please reply soon
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
20 September 2009 No it is not an allowable expenditure.
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Shyam Lal Naik

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Shyam Lal Naik (Expert)
20 September 2009 Sir,

Can you please specify, under which provision of the IT Act, such an amount is disallowed.

This being a normal expenses of a commercial nature, it should be allowed u/s 37.
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CA. abhinav kumar

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CA. abhinav kumar (Expert)
21 September 2009 As per provision of section 40(a)ii, iia only interest on income tax and wealth tax is disllowed.
as interest on servicetax , sales tax and other interest is normal business expenses hence allowed.
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