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penalty

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18 July 2011 Is penalty paid for late income tax return filling as expenese in profit and loss acccount if now account section 142(2) how can i treat it balance sheet
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
18 July 2011 Penalty for late filing of income tax return is not a business expenditure. U can charge the same in p & l account for accounting purpose and disallow while computing income tax.
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