Late payment charges is allowable expenses as per income tax

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SHREEPAL LALWANI (Querist)
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10 September 2017 Dear Sir,

Excess payment made to Creditors is allowable expenses as per income tax act?

Late payment charges for payment to creditors is allowable or not?

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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11 September 2017 Not allowable

SHREEPAL LALWANI

SHREEPAL LALWANI (Querist)
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11 September 2017 but this is not penalty. This is interest paid for late payment to Creditors.

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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12 September 2017 Then it is allowable....

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