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vidya shetty (senior accountant)     15 September 2009

service tax penalty

Can Service tax penalty be claimed as expenses and passed through profit and loss account? Also whether service tax interest can be claimed as expenses?


 3 Replies

Aditya Maheshwari

Aditya Maheshwari (CA in Practice)     15 September 2009

Service Tax penalty cannot. Service Tax interest can be

CA Sumit Arora

CA Sumit Arora (CA)     15 September 2009

 no These are allowed under the income tax act, 1961. Any Penalty and Any Interest on Late Deposit. These Will be passed from P&L A/c but while preparing computation of total income these will be added in net proft. 


Rajeev (www.rkmco.com)     20 September 2009

Penalty for infrigement of law is not allowed , hence ST penalty cannot be claimed as expense u/s 37(1), but interest should be allowed as expense as service tax is also deductible as expense (normal course of business )

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