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GST Late Fee
Whether GST Late Fee is allowable expenditure under Income Tax Act
Replies (4)
Quick Summary
No .It's not allowed .
Late filing of return or late payment of GST will be considered as violation of law.So the late will be in the nature of penalty for not filing or paying on time.
Disallowed u/s 40(a)(ii) of Income Tax Act, 1961
Late filing of return or late payment of GST will be considered as violation of law.So the late will be in the nature of penalty for not filing or paying on time.
Disallowed u/s 40(a)(ii) of Income Tax Act, 1961
No it's disallowed
Yes... The late fee is allowed as expenditure under income tax.
Yes, it is allowed to claim business expenditure. As penalty and Fees are different under Income tax Act. it is not due to breach of law. hence, allowed.
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