CCI Online Learning
What do you want to learn today?
     
CIBIL

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Late fee paid for delayed filled return of GST and TDS

This query is : Resolved 

Pl clarify that late fee (not called penalty u/s 37 of I T Act, 1961 ) for GST and TDS retrun filled is a allowable expenditure under I T Act,1961


Sir
Late fee deposited is in nature of penalty and can’t be claimed as an expense. On the other hand interest paid under GST is allowed. Intt on TDS is generally not allowed as an expenditure however few tribunals have upheld that intt on TDS can also be claimed as an expenditure, however one should add it back in computation to avoid protracted litigation.

Late fees is not nomenclatures as penalty in gst law. Penalty is something which is a fine for non compliance. Though late fees logically must also fall in the same category since the Govt. itself is not treating as penalty in view of requirement of show cause notice etc. and the system itself demands late fees in gst returns, in my opinion late fees is allowable as an expenditure.


You need to be the querist or approved CAclub expert to take part in this query .


Click here to login now



Similar Resolved Queries :





Trending Tags

GST Live Class    |    x