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VAT interest and penalty

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512 Points Posted on 05 December 2018
whether VAT interest and penalty is an allowable expense under Income Tax Act
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On 05 December 2018 at 22:28 Report
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2193 Points Posted on 05 December 2018
yes its allowable under income tax
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On 05 December 2018 at 22:34
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17 Points Posted on 06 December 2018
penalty under vat is not allowed under income tax act
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On 06 December 2018 at 11:53
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22 Points Posted on 06 December 2018

yes its allowable under income tax

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On 06 December 2018 at 13:44
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17 Points Posted on 06 December 2018
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
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On 06 December 2018 at 14:29


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