Late payment charges is allowable expenses as per income tax
This query is : Open
SHREEPAL LALWANI
(Querist)
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?
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
(Expert)
11 September 2017
Not allowable
SHREEPAL LALWANI
(Querist)
11 September 2017
but this is not penalty. This is interest paid for late payment to Creditors.
CA Rashmi Gandhi
(Expert)
12 September 2017
Then it is allowable....
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