(In the Case of Partnership firms and other non-corporate entities)
Section 40a(ii) disallows tax on profits.
what about interest on tax ??? (234 A, B and C)
(whether tax includes interest also??)
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234A, B & C. Whether Allowable as Deduction ?
Replies (3)
I dont think that interest portion is considered seperately for this purpose. Both tax and its interest are disallowed.
Dear Vijay,
Any sum paid on aacount of income tax is not deductible u/s 40(a)(ii).
Similarly interest,penalty or fine paid for non-payment or late payment of income tax is not deductible.This rule is applicable whether tax is paid in India or outside India.
Regards,
Fatema.
Section 40a(ii) disallows payment of penelties on income tax in case of default...so disllowed
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