AS I HAD PAID 234 A B C INTEREST IN THE FY 2013-14. SO IN WHICH IN FY I CAN CLAIM THOSE AS DEDUCTION IN 2013-14 OF IN 2014-15??
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234a b c allowed as deduciton
Replies (12)
Deduction on interest always allowed on paid basis. So in this case deduction for interest is allowed in fy14-15
As per Section 43B CERTAIN EXPENSES ARE DEDUCTABLE ON PAYMENT BASIS-
a. "Any sum payble by way of tax, duty, cess or fee (by whatever name called under any law for the time being in force)....."
Interest on income tax is not allowed as deduction. Refer section 37 read with 40a.
Its a personal expenses not deductible
Interest under section 234 A/B/C is not allowed as a deduction as per section 40a(ii). Though there have been recent cases to the contrary, however, it is advisable to not go with those cases and instead disallow them to avoid litigations.
Shrey (9971136072)
Yes.. I agree with shrey
I also concede with shrey.
It s 100% disallowed as it is personal in nature.
Interest paid in respect of delayed payment of income tax is not deductible...(CIT V. Federal Bank Ltd.)
Interest paid in respect of delayed payment of income tax is not deductible..( Federal Bank Ltd. v. CIT )
100% disallowance. Personal nature expenditure
thanks to all for clarification.
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