09 September 2008
whether interest on TDS ,service tax & wealth tax is allowed as a business expense under the Income Tax Act?If yes please give me the relevant section
09 September 2008
Interest on income tax and wealth tax is not allowable but interest on service tax is allowable.Interest on income tax and wealth tax takes the character of income tax as well as wealth tax respectively as judicially held in many decisions whereas interest on service tax is genuine business expenditure allowable u/s 37.
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