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Allowable expenses
Respected members! Late fees under gst is allowable expenses under calculation of pgbp income?
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Late fee under GST is not allowed as an expense under income tax by virtue of section 37(1) of income tax act.
Since, the expense is on account of default do not to be treated as expense for the assessment of Income Tax.
Since, the expense is on account of default do not to be treated as expense for the assessment of Income Tax.
Under Section 37(1) late fees on GST is not allowable expenses.Hence late fee paid on GST is not allowed whole cslculsting PGBP(Profits and Gain of Business or Proffession).
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