26 September 2018
Dear Experts During the FY 2017-18 in our firm we have paid GST interest & Late fee. Pls tell me whether interest & late is allowable in debit side of profit & loss account as to claim the deduction.
Thanks Anirudh
Expert :
Anonymous
Expert :
Anonymous
(Expert)
26 September 2018
The interest paid will be allowed as Deduction under Income Tax Act. However Late Fee will be disallowed u/s 37