Allowable or disallowed

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 May 2013 I have paid p.tax of my company of last 4 years in this fy with penalty and late fine.
Will i be allowed deduction for that or the expenses claimed will be disallowed?

CA.Vinita Gupta

CA.Vinita Gupta (Expert)
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18 May 2013 Penalty and Late Fine will be disallowed

Querist : Anonymous

Querist : Anonymous (Querist)

19 May 2013 And the main expenses of taxes will be allowed or not?

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CA.Vinita Gupta

CA.Vinita Gupta (Expert)
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21 May 2013 any sum payable by the assessee by way of tax, duty, cess or fee, (by whatever name called, under any law for the time being in force);Refer Sec 43B

So it will allowed