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)
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