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Custom duty interest paid


Ajnas (Student)     24 January 2021

Ajnas
Student 
 18 likes  403 points

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

Aditi Kaur (Practising CA)    24 January 2021

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Sourav

Sourav (Student)     24 January 2021

Sourav
Student 
 249 likes  3809 points

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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

Kapadia Pravin   24 January 2021

Kapadia Pravin

 1018 likes  15953 points

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

Krishna Chaudhary (Accountant)     25 January 2021

Krishna Chaudhary
Accountant 
 597 likes  4468 points

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Penalty is disallowed in IT. Since intt is not in nature of penalty it will allowed
4 Like
CA Rashmi Gandhi

CA Rashmi Gandhi (Chartered Accountant)     25 January 2021

CA Rashmi Gandhi
Chartered Accountant 
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There is no disallowance mentioned in Income Tax in respect of Interest paid on Indirect Tax. So, same is allowed .

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