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Late Fee Entry

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17 Points Posted on 02 November 2019
What will be the ledger group for late fees paid for late submission of 3B ?
Shall we put it in Duties And Taxes or Indirect expenses ?
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On 02 November 2019 at 20:27 Report
Replies (7)
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MANAGER ACCOUNTS
187 Points Posted on 02 November 2019
indirect exp
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On 02 November 2019 at 21:01
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audit manager
459 Points Posted on 02 November 2019
It shown as indirect expense
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On 02 November 2019 at 22:38
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947 Points Posted on 02 November 2019
I agree with the experts, you should charge the same to revenue expenses and debit the p&l account
2 Reply
On 02 November 2019 at 23:47
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GST Practitioner
55067 Points Posted on 03 November 2019
Yes ...but will not allowed as expense (Add back)
301 Reply
On 03 November 2019 at 00:43
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947 Points Posted on 03 November 2019
I correct and agree with Pakaj rawat ji.... not allowed as an expense under income tax by virtue of section 37(1) of income tax act.This expense is on account of default do not to be treated as expense for the assessment of Income Tax. 
2 Reply
On 03 November 2019 at 00:47
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7059 Points Posted on 03 November 2019
Late fee can not take an expense.
33 Reply
On 03 November 2019 at 14:53
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Advocate
945 Points Posted on 06 November 2019
Can it be debited to capital account ?
2 Reply
On 06 November 2019 at 09:20


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