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Deductibility of pf interest u/s 37 of the income tax act
Can interest paid under section 7Q and 14B of the PF Act can be allowed as expenses under section 37 of the income tax act
Replies (2)
only statuary liabilities are allowed as expenses, provided its paid within due date of payment,
interest and penalty is added back to profit in case of tax audit
Ineterest Is Compensating Nature Allowable As Deduction. Penalatis Are Non Compensating Nature Not Allowable As Deduction.
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