Late fees of gst and income tax

Is late fees,interest & penalty is business expenses or business owner expenses in both gst and income tax please elaborate
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Quick Summary
This discussion clarifies whether late fees, interest, and penalties associated with GST and Income Tax are considered business expenses or personal owner expenses. The consensus is that these are generally treated as business expenses, assuming the context is for business tax filings rather than individual income tax.

Late fees interest business exp. penalty Owner,s exp.

Both are coming under business expenses as I assume you are not asking for an individual Income tax filler.

Post details

Agree with Sandeep Jain

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