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Custom duty interest paid

Ajnas (Student) (844 Points)

24 January 2021

custom duty interest paid for delay is disallowed in income tax or not?

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CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 24 January 2021

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.

Kapadia Pravin (17249 Points)
Replied 24 January 2021

This is interest paid on delay in payment of custom duty. This is revenue expenditure and hence allowed.

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Krishna Chaudhary (Accountant) (4531 Points)
Replied 25 January 2021

Penalty is disallowed in IT. Since intt is not in nature of penalty it will allowed

4 Like

CA Rashmi Gandhi (Chartered Accountant) (86220 Points)
Replied 25 January 2021

There is no disallowance mentioned in Income Tax in respect of Interest paid on Indirect Tax. So, same is allowed .

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