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Interest on professinal tax

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(Querist)
13 July 2014 I want to ask whether interest paid on arrears of professional tax is allowed as deduction in the year of payment kindly answer me
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
13 July 2014 Interest is compensatory in nature and hence allowable as business expenditure. Penalty is for contravention of the provisions of an act
and,therefore, not allowable as a business expenditure.

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