Can anyone please tell me whether following can be considered as expenditure in P&L Account?
Interest paid/adjusted under Sec. 234-A, 234-B & 234-C.
Interest paid/adjusted under Sec. 220(2).
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Interest paid on income tax
Replies (8)
As per income tax act,no deduction is allowed for the same.
Thanks for comments. But can you please tell the reason? It is excess burden above the tax liability.
Income tax is personal expenditure. Interest on income tax is thus personal in nature too. Hence Disallowed.
I couldn't get. In case of firm or AOP, it's not personal or individual in nature. I want to get more clarity on this.
YOU CAN DEBIT TO CAPITAL A/C
BUT YOU CAN NOT DEBV
YOU CAN NOT DEBOT TO EXPENSES OF ANY TYPE
YOU CAN NOT DEBIT OR CLAIM EXPENSES OF ANY TYPE
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