Whether interest paid u/s 234 b& c allowed as exp/deduction
This query is : Resolved
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
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.
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