Expenditure deductible?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 July 2010
Whether service tax paid on services purchased is an allowable expense under IT Act? plz give sec ref..
how abt interest on TDS and Service tax..whether they are allowable?
how abt interest on TDS and Service tax..whether they are allowable?
06 July 2010
The Service Tax Paid on services is an allowable exp as per sec 37(1).
The service tax paid by the assessee will never form part of the P&L a/c as it is just collected & deposited - so it just is a BS item.
However the int for late deposit of Service tax will be allowed if it is of compensatory nature otherwise not. also penalty will always b disallowed
Any Int/ penalty under Direct tax laws is not allowed - hence int on TDS not allowed.
The service tax paid by the assessee will never form part of the P&L a/c as it is just collected & deposited - so it just is a BS item.
However the int for late deposit of Service tax will be allowed if it is of compensatory nature otherwise not. also penalty will always b disallowed
Any Int/ penalty under Direct tax laws is not allowed - hence int on TDS not allowed.
06 July 2010
Agree with above.
Further interest paid under indirect tax is allowable but not for interest paid on direct taxes.
Further interest paid under indirect tax is allowable but not for interest paid on direct taxes.
06 July 2010
Agree with above.
Further interest paid under indirect tax is allowable but not for interest paid on direct taxes.
Further interest paid under indirect tax is allowable but not for interest paid on direct taxes.
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 this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- TDS U/S. 194NF
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Donation Receipt u/s 80G
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
