Dear All,
Whether Fines paid to the Custom is an allowable expenditure under income tax??
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Income Tax:- Allowability of Fines
Replies (2)
HI, all revenue expenses are being allowed in the residuary section 37 of income tax act and these fines and penalties are thus allowable expenses but provided these fines have not been levied for the infringement of law only general penalties are allowable , and in my opinion you should claim the same and if there is any error A.O as per 143 will make the correction if there is any disallowability .
HI, all revenue expenses are being allowed in the residuary section 37 of income tax act and these fines and penalties are thus allowable expenses but provided these fines have not been levied for the infringement of law only general penalties are allowable , and in my opinion you should claim the same and if there is any error A.O as per 143 will make the correction if there is any disallowability .
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