if a person pays Gst penulty. then how & where to adjust this amount in I.T RETURN ?
kindly reply .
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GST PENULTY ADJUSTMENT IN INCOME TAX RETURN
Replies (5)
Are You ask Late Fee or Penalty...?!
Penulty
If penalty then it will disallowed under Income Tax...
You mean can not adjust the amount of penalty and intrest in Gst ?
You can claim as Indirect Expense for the Interest and Late fee of GST.
But,
Penalty is disallowed under Income Tax. You can't claim its as expenditure. You can book the penalty in Your books of accounts. At the time of filling ITR it will disallowed...
But,
Penalty is disallowed under Income Tax. You can't claim its as expenditure. You can book the penalty in Your books of accounts. At the time of filling ITR it will disallowed...
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