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Late fees GSTR
Sir, income tax allowed to us for show Late fees under expenses.late fees due to late file GST return.
Replies (4)
Gst late fees is not allowed as Expences In income Tax
Sir, so how can we adjust the same
Explanation 1 of Section 37, Explanation 1.—For the removal of doubts, it is hereby declared that any expenditure incurred by an assessee for any purpose which is an offence or which is prohibited by law shall not be deemed to have been incurred for the purpose of business or profession and no deduction or allowance shall be made in respect of such expenditure.
needs to be transfer in capital account
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