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Interest Payment on delay of Taxes (Direct & Indirect)

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Querist : Anonymous

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Querist : Anonymous (Querist)
25 February 2010 Wheather Interest paid on delayed payment of service tax is admisible expenditure as per the income tax act
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
26 February 2010 Yes interest payable under indirect taxes allowable. Interest paid on direct taxes not allowable as deduction
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CMA Arif Farooqui

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CMA Arif Farooqui (Expert)
02 March 2010 only interest paid under Indirect taxes is allow as deduction.
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