Sec 73 (4a) of finance act 1994
This query is : Resolved
Neha Gupta
(Querist)
06 August 2013
If voluntary payment of penalty is made along with tax and interest under Sec 73(4a) of Finance Act 1994, for late payment of Service Tax before issue of SCN and the same is concluded by the department also,
Can such penalty paid be an allowable expense under income tax as it is paid voluntarily?
Can such penalty paid be an allowable expense under income tax as it is paid voluntarily?
06 August 2013
Amount paid for contravention of law is NOT allowed as an expense, notwithstanding the fact that the same has been voluntarily.
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