Penalty of professional tax allowed or disallowed
This query is : Resolved
09 January 2016
whether interest on late payment of professional tax and penalty on professional tax is allowed under income tax Act also provide related case law
09 January 2016
Penalty on PT is disallowed
Disallowance of certain taxes
By virtue of section 40(a)(ib)/(ic)/(ii)/(iia) following are not deductible:
Income-tax (including interest, fine, penalty, etc.) whether payable in India or outside
India Wealth tax levied under the Wealth-tax Act, 1957 or similar tax chargeable under
any law outside India
Disallowance of certain taxes
By virtue of section 40(a)(ib)/(ic)/(ii)/(iia) following are not deductible:
Income-tax (including interest, fine, penalty, etc.) whether payable in India or outside
India Wealth tax levied under the Wealth-tax Act, 1957 or similar tax chargeable under
any law outside India
09 January 2016
Interest on late payment of Professional Tax , being compensatory in nature is allowable.
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