Late fee for filing of st return

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varun bansal (Querist)
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18 September 2012 What is the nature of late fees paid for delay in filing of ST return i.e. we can debit it in P&L for the income tax purpose or its a penalty in nature?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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18 September 2012 Penalty for 15 days delay - Rs.500

15 days to 30 days delay Rs.1000
beyond 30 days -INR 1,000 + INR 100 per day (from 31st daysubject to a maximum amount of Rs 20000.

Section71 (C) of the Finance act 2011

Penalty will be disallowed nature under Income tax