Late fees & plenty due to late filed return

This query is : Resolved

Santosh (Querist)
Follow

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)
Follow

27 July 2019 Yes... You can show the late fee in PandL. But, What You mean plenty...?

CS Advocate Abhishek Goyal (Expert)
Follow

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)
Follow

30 July 2019 Sir,
Can we show under Captial

CS Advocate Abhishek Goyal (Expert)
Follow

30 July 2019 Yes you can deduct from capital but not as part of drawings

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

Unanswered Queries

view all classess