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Custom duty interest paid

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Student
844 Points Joined April 2020
custom duty interest paid for delay is disallowed in income tax or not?
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On 24 January 2021 at 00:13 Report
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Chartered Accountant
24588 Points Joined November 2019
Any tax, duty, cess or fee paid under any law in force is allowed as a deduction when it is paid- this includes GST, customs duty or any other taxes or cesses paid. Interest paid on these taxes are also eligible for deduction.
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On 24 January 2021 at 09:27
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17264 Points Joined December 2018
This is interest paid on delay in payment of custom duty. This is revenue expenditure and hence allowed.
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On 24 January 2021 at 10:59
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Accountant
4533 Points Joined February 2017
Penalty is disallowed in IT. Since intt is not in nature of penalty it will allowed
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On 25 January 2021 at 04:19
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Chartered Accountant
86505 Points Joined April 2011
There is no disallowance mentioned in Income Tax in respect of Interest paid on Indirect Tax. So, same is allowed .
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On 25 January 2021 at 07:44

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