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allowable expenses

Siddharth Parmar (ipcc student) (61 Points)

03 August 2019

Are
GST interest, late fees allowed under income tax Act ?

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Shweta Gupta (Assistant Manager) (224 Points)
Replied 03 August 2019

only GST interest is allowed GST fee has penalty in nature and penalty paid in any tax regime is disallow under section 37(1)

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Kapadia Pravin (17249 Points)
Replied 03 August 2019

Explanation 1 of Section 37, Explanation 1.—For the removal of doubts, it is hereby declared that any expenditure incurred by an assessee for any purpose which is an offence or which is prohibited by law shall not be deemed to have been incurred for the purpose of business or profession and no deduction or allowance shall be made in respect of such expenditure.