Dear Friends
In the Income Tax Act u/s 234A,234B and234C Interest has been levied for Non Filing of return with in th due date, Non payment of advance tax and Non payment of 90% of advance tax respectively. Is this allowable as expenses as per Income tax Act or it is penal interest should not allow. Please clarify
no its not allowed as an expense as it is not related to one's business/profession..or even in IOS its not allowed.
Murali and Sumeet Chartered Accountant
Bengaluru
CA Foundation
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KK & Company Chartered Accountant
Pune
CA Inter
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MANUJ SHARMA AND COMPANY
Noida
CA Inter
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CCI
Pro
CAclubindia
