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?
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service tax penalty
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Service Tax penalty cannot. Service Tax interest can be
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.
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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