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Naresh (CA)     15 June 2014

Interest on service tax

In a particular case service tax for the month of March 2014 is paid on 30th May 2014 with interest.
My query is that in which assessment year this interest is allowed in income tax in 2014-15 or 2015-16 ????

 2 Replies

CA. Kuldeep Singhi

CA. Kuldeep Singhi (Entrepreneur)     15 June 2014

In assessment year 15-16
Tribhuvan Aditya Singh

Tribhuvan Aditya Singh (Student as well as Self-employed)     16 June 2014

it will be allowed in AY 14-15 only because the amount has been paid before the due date of filing of return. refer to sec. 43B of income tax act.

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