Disallowed
This query is : Resolved
27 September 2015
whether interest on service tax and interest on vat are allowable under 44 ab audit
27 September 2015
Both are allowable expenditure.
Interest is compensatory in nature and hence allowable as business expenditure. Penalty is for contravention of the provisions of an act and,therefore, not allowable as a business expenditure.
See:
https://www.taxmanagementindia.com/visitor/detail_article.asp?ArticleID=788
http://www.taxindiaonline.com/RC2/print_story.php?newsid=10324
Interest is compensatory in nature and hence allowable as business expenditure. Penalty is for contravention of the provisions of an act and,therefore, not allowable as a business expenditure.
See:
https://www.taxmanagementindia.com/visitor/detail_article.asp?ArticleID=788
http://www.taxindiaonline.com/RC2/print_story.php?newsid=10324
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