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Late fees & plenty due to late filed return

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Santosh (Querist)
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27 July 2019
Respected experts,

Can we Show late fees & Plenty in Profit & Loss account.

or any other method Please suggest ?

RAJA P M (Expert)
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27 July 2019 Yes... You can show the late fee in PandL. But, What You mean plenty...?

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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30 July 2019 In my opinion it is not a deductible expenditure under section 37(1) so it is not to be shown in profit and loss account.

Santosh (Querist)
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30 July 2019 Sir,
Can we show under Captial

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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30 July 2019 Yes you can deduct from capital but not as part of drawings

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