Whether interest paid on late payment of VAT is an allowable expense for the purpose of Income Tax ?
Please reply..
Menu
Interest Paid on Vat allowable ?
Replies (5)
not allowed
interest is nothing but a fine ,any kind of fine or penalty is not allowable as deduction
| Originally posted by :Gowrish Baliga B. | ||
| " | Whether interest paid on late payment of VAT is an allowable expense for the purpose of Income Tax ? Please reply.. |
" |
Interest on late payment was like a penality so not allowed as expenditure
Interest on the arrears of Sales tax is compensatory in nature and is allowable as deduction. Lachmandas Mathurdas Vs CIT, 254 ITR 799 (SC)
Recent Topics :
- PCIT-1 Thane Email address
- CA Fees deduction for non audit case allowed?
- 5th Letter PAN Mismatch with Surname issues still
- Criteria to hire an article
- Guidence requested for a Finance Professional with
- Expert Opinion Required – Form 140 Gross Amo
- WRONG TAX DEMAND - formal responses , rectificatio
- Foreign remittance
- Affordable Residential Flats in Gurgaon
- Manufacturing
Related Topics :
CAclubindia
