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Get interest & late fee

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Querist : Anonymous

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Querist : Anonymous (Querist)
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.

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Anirudh
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Expert : Anonymous

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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

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