Late fees of gst and income tax

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386 Points Posted on 31 May 2024
Is late fees,interest & penalty is business expenses or business owner expenses in both gst and income tax please elaborate
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On 31 May 2024 at 00:33 Report
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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.

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Pivate
1492 Points Posted on 31 May 2024
Late fees interest business exp. penalty Owner,s exp.
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On 31 May 2024 at 05:47
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ACCOUNTS MANAGER
2213 Points Posted on 31 May 2024

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

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On 31 May 2024 at 14:02
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Profession
28271 Points Posted on 31 May 2024
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On 31 May 2024 at 17:06
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Accounts Executive
62 Points Posted on 06 June 2024

Agree with Sandeep Jain

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On 06 June 2024 at 17:06

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