Disallowed in income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 January 2015
Dear all.
plz. tell me interest paid for not paying
advance tax by the company is allowed as an expenses in income tax.
plz. tell me interest paid for not paying
advance tax by the company is allowed as an expenses in income tax.
31 January 2015
No it is not allowable. Supreme Court in one of its decision has held that the interest on delayed payment of taxes would take the same colour that of income tax and it cannot be held to be wholly and exclusively for the purposes of business hence not allowed to be deducted. refer Bharat Commerce and Industries Ltd. 230 ITR 733 (SC)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is Aadhar PAN linking required for opening bank account?
- Applicability
- Where to show the RCM on Rent paid to unregistered landlord
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Application of 115BAC
- Gst Sales of FY 2023-24
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- TDS NUMBER SURRENDER
- Legal heir raised refund , but refund issued to the closed account of deceased.
- RCM - commercial rent paid to URP under GST
- Whether still royalty
- 20% OF DEMAND PAYMENT IN APPEAL
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
