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VAT interest and penalty
whether VAT interest and penalty is an allowable expense under Income Tax Act
Replies (4)
yes its allowable under income tax
penalty under vat is not allowed under income tax act
yes its allowable under income tax
any expenditure incurred for violation of law i.e. penalty for violation of provisions of vat law in this case, is specifically disallowed under the income tax act. however interest is allowed.
If penalty is allowable please enlighten me, as I'm pretty sure it is not allowed
If penalty is allowable please enlighten me, as I'm pretty sure it is not allowed
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