Interest expense claimed or not
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 September 2014
Dear sir,
late payment of vat, service tax ( interest paid) can the firm claim those interest considered as expense as per the income tax act
late payment of vat, service tax ( interest paid) can the firm claim those interest considered as expense as per the income tax act
25 September 2014
no since they are in nature of payments for ur faults...disallowed.
26 September 2014
they are allowed...interest being compensatory in nature is allowed as an expense. But penalties are not. there are several case laws in favor of assesses in this regard. you may refer https://www.caclubindia.com/experts/interest-on-late-payment-of-statutary-dues-40936.asp#.VCRnllcfgh4
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