Whether interest paid u/s 234 b& c allowed as exp/deduction
This query is : Resolved
vikas kumar sharma
(Querist)
27 June 2015
hi......
whether Interest paid u/s 234B & 234C of Income Tax is allowed as exp/deduction under Income Tax ??
If Yes Kindly provide the reference of relevant section/case law etc...
Regards,
Vikas Sharma
whether Interest paid u/s 234B & 234C of Income Tax is allowed as exp/deduction under Income Tax ??
If Yes Kindly provide the reference of relevant section/case law etc...
Regards,
Vikas Sharma
CA. Sunil Gokhale
(Expert)
27 June 2015
No, it will not be allowed as deduction. Only expenses incurred for the purpose of business or profession are allowed as deduction. Income-tax is not allowed as deduction as it is not an expense and therefore payment of interest for late payment of income-tax will also not be allowed as deduction.
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- 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
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
