Hi All,
Please let me know which are the following are allowable expenses for calculation of Income Tax
1)Interest paid on late payment of Service Tax
2) Penalty paid for late payment of Service Tax,
3) Interest paid for late payment of Professional Tax
4) Penalty paid for late payment of Professional tax,
5) Interest paid on PF for Late deposit / payment of PF amount with the Department
6) Interest paid on TDS for Late deposit / payment.
As per my information Sec. 40(a) dissallows Income Tax, Wealth Tax and Fringe Benefit taxes and any interest paid on such taxes.
And also penalties mentioned above for Service Tax and PT are not the penalties imposed by the respective Departments. It is paid as per the provissions for Late payment of Dues.
Please help me on this, because every year our company is paying huge interests on the above.
CAclubindia
