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Custom duty interest paid
custom duty interest paid for delay is disallowed in income tax or not?
Replies (4)
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.
This is interest paid on delay in payment of custom duty. This is revenue expenditure and hence allowed.
Penalty is disallowed in IT. Since intt is not in nature of penalty it will allowed
There is no disallowance mentioned in Income Tax in respect of Interest paid on Indirect Tax. So, same is allowed .
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