Classiffication of tds interest and late fee under sch vi

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Hello friends,

 How to classify TDS interest and late fee (234e)  in Revised Schedule VI?? Under Finance Cost or under Other Expenses??

 

regards

jhonny

Replies (1)

The same can be shown in the head "Other Expenses". You may show the same separately or under the sub head "Miscellaneous expense". However, Any item under which expenses exceed 1 per cent of total revenue or Rs. 5,000 whichever is higher, shall be shown separately and distinct item against an appropriate account head in Statement of Profit and Loss.


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