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BUSINESS EXPENSE

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Querist : Anonymous

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Querist : Anonymous (Querist)
23 September 2010 WHETHER INTEREST ON SERVICE TAX IS ALLOWABLE AS BUSINESS EXPENSE ?
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CA Navin Jain

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CA Navin Jain (Expert)
23 September 2010 NOT ALLOWED AS PER INCOME TAX ACT
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CA Sanat Pyne

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CA Sanat Pyne (Expert)
23 September 2010 interest on service tax is diffrent from fine and penalties...it is incidental to business..and therefore allow.... if not agree yet thn tell me interest on sale tax is allowed or not...

it is allowed, there is a case law in ths regard lachmandas mathurada v CIT [2002]...and some more...

therefore if interest on sale tax is allowed thn interest on service tax is also allowed both are indirect taxes...
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
23 September 2010 Can be claimed as business expenditure u/s 37 of the Income tax Act,1961.

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