Dear Experts,
In Pvt. Ltd. Company can Penalty taken as expense in profit and loss.
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Income tax Penalty
Replies (3)
No Penalty allowed as deduction under Income Tax if Related to Law
In books of account of Company, you can show penalty as Expenses in profit and loss account.
but as penalty is not allowed as Expenses under income tax act, it's got disallowed at time of calculation of profit of company for filing income tax return.
but as penalty is not allowed as Expenses under income tax act, it's got disallowed at time of calculation of profit of company for filing income tax return.
Thanks to both of you
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