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GST PENULTY ADJUSTMENT IN INCOME TAX RETURN

GOPI KUMAR (12 Points)

19 February 2020

if a person pays Gst penulty. then how & where to adjust this amount in I.T RETURN ?
kindly reply .

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5 Replies

RAJA P M ("Do the Right Thing...!!!") (128106 Points)
Replied 19 February 2020

Are You ask Late Fee or Penalty...?!

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GOPI KUMAR (12 Points)
Replied 19 February 2020

Penulty

RAJA P M ("Do the Right Thing...!!!") (128106 Points)
Replied 19 February 2020

If penalty then it will disallowed under Income Tax...

GOPI KUMAR (12 Points)
Replied 19 February 2020

You mean can not adjust the amount of penalty and intrest in Gst ?

RAJA P M ("Do the Right Thing...!!!") (128106 Points)
Replied 19 February 2020

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...