Late delivery penalty
This query is : Resolved
14 August 2012
late delivery penalty deducted by party is admissible deduction under income tax act or not.
and how can we treat as an admissible deduction.if the amount of penalty is Rs 200000 or more.
and how can we treat as an admissible deduction.if the amount of penalty is Rs 200000 or more.
14 August 2012
can you just tell about the nature of penatly in detail
To put it in simple terms, if it is not in contravention of any law, but only for agreement, then penalty paid would be allowed
To put it in simple terms, if it is not in contravention of any law, but only for agreement, then penalty paid would be allowed
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