Interest on Advance tax
This query is : Resolved
09 April 2011
Hi All Experts,
Just wants to confirm Of any Firm has paid interest on delayed payment of advacnce tax is deductable as expense or not?
Kindly provide Income Tax notification or section for that
its urgent
Thanks in advance
Just wants to confirm Of any Firm has paid interest on delayed payment of advacnce tax is deductable as expense or not?
Kindly provide Income Tax notification or section for that
its urgent
Thanks in advance
09 April 2011
Any amount payable towards Tax, Interest, Cess and Penalty pertaining to Income Tax is not deductible.
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10 April 2011
In Financial Statement where we can show the figure of interest on late payment of Advance tax
10 April 2011
In Financial and Other charges.
10 April 2011
is there notification of Income tax fot that?
10 April 2011
Income Tax Act itself is clear. Notification is required when the sections are not clear.
.
The basic concept is -
.
The expenditure which is incurred to run the business; is allowed while computing the Income.
.
To pay advance tax late and then to pay interest thereon is not relating to running the business.
.
Hope it will make you clear.
.
The basic concept is -
.
The expenditure which is incurred to run the business; is allowed while computing the Income.
.
To pay advance tax late and then to pay interest thereon is not relating to running the business.
.
Hope it will make you clear.
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