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Interest paid on income tax

Tax queries 365 views 8 replies
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Accountant
44 Points Posted on 01 October 2016

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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On 01 October 2016 at 20:51 Report
Replies (8)
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Group 2 Cleared
317 Points Posted on 01 October 2016
As per income tax act,no deduction is allowed for the same.
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On 01 October 2016 at 22:55
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Accountant
44 Points Posted on 01 October 2016
Thanks for comments. But can you please tell the reason? It is excess burden above the tax liability.
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On 01 October 2016 at 23:19
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Practising CA
8954 Points Posted on 01 October 2016
Income tax is personal expenditure. Interest on income tax is thus personal in nature too. Hence Disallowed.
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On 01 October 2016 at 23:50
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Accountant
44 Points Posted on 02 October 2016
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.
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On 02 October 2016 at 00:02
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Accounts Manager
1466 Points Posted on 02 October 2016
YOU CAN DEBIT TO CAPITAL A/C
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On 02 October 2016 at 13:28
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Accounts Manager
1466 Points Posted on 02 October 2016

BUT YOU CAN NOT DEBV

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On 02 October 2016 at 13:29
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Accounts Manager
1466 Points Posted on 02 October 2016
YOU CAN NOT DEBOT TO EXPENSES OF ANY TYPE
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On 02 October 2016 at 13:29
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Accounts Manager
1466 Points Posted on 02 October 2016
YOU CAN NOT DEBIT OR CLAIM EXPENSES OF ANY TYPE
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On 02 October 2016 at 13:30


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