Prov for interest on Service tax
This query is : Resolved
09 August 2010
Dear sir
Can u pls tell me whether provision for interest on service tax or any other tax is allowable expenses or not as per sec 43B? If yes pls provide the case low, if any or explan.
Thanks
Best regards
Ashwini
Can u pls tell me whether provision for interest on service tax or any other tax is allowable expenses or not as per sec 43B? If yes pls provide the case low, if any or explan.
Thanks
Best regards
Ashwini
09 August 2010
INTEREST ON SALES TAX, SERVICE TAX IS ALLOWABLE EXPENSES.
REFERRED CASE LAW
LACHMANDAS MOHURADAS VS CIT (2002)
TRIVENI ENGG WORKS LTD VS CIT (1987)
RUSSEL PROPERTIES (P) LTD VS CIT (1981)
REFERRED CASE LAW
LACHMANDAS MOHURADAS VS CIT (2002)
TRIVENI ENGG WORKS LTD VS CIT (1987)
RUSSEL PROPERTIES (P) LTD VS CIT (1981)
09 August 2010
PROVISION FOR INTERST ON DELAY PAYMENT OF SERVICE TAX/ANY OTHER GOVT DUE IS ALLOWABLE EXPENSES IF IT IS DEPOSITED BEFORE DUE DATE.BECASUE IT IS NOT PENAL NATURE, IT IS COMPENSATORY NATURE.
09 August 2010
https://www.caclubindia.com/forum/details.asp?mod_id=47959&offset=2
09 August 2010
Section 43B attracts for provision for interest on service tax if not paid with in the stipulated time. However interest paid on service tax payment is an allowable expenditure as per section 37(1) of the income tax Act,1961.
The following case law may be relied even though delivered in the context of Sales tax interest.
Lachmandas Mathurdas Vs. CIT (2002) 254 ITR 799(SC).
The following case law may be relied even though delivered in the context of Sales tax interest.
Lachmandas Mathurdas Vs. CIT (2002) 254 ITR 799(SC).
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN BASE ON NOTIFICATION
- Taxable or Tax exempt
- TDS Deducted AY-2013-14 Not Reflected in 26as
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- ADVANCE PAYMENT OF ADVOCATE
- Goods sold but invoice not issued
- GST rate and HSN code for sale of racing horses
- Condonation . E-Verification of last year return .
- Capital gain on sale and purchase of plot
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
