Provision for interest and penalty under service tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 April 2016
whether provision for interest and penalty not paid before or on date filing of ITR under section 43 B then whether it will be allowed or disallowed.
23 April 2016
Section 43b is not applicable for interest and penalties... Section 37 is relevant... And if penalties and interest are in the nature compensatory then it will allowed... I. E. For offence or anything prohibited by law will not allowed
24 April 2016
If the interest and penalties are claimed as expenses, then interest - not of a penal nature is allowable as expense. Penalties are not allowable as expenses and hence the provisions of Section 43 B would not be applicable. In case of interest is the same is claimed as an expense, the non payment of the same can attract section 43 B since it is in nature of a tax,duty or cess payable to the government.
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