Interest on vat, tds, income tax
This query is : Resolved
20 September 2013
weather interest on vat allowAble expenditure under pgbp
20 September 2013
Yes. Interest paid under Income Tax Act and Wealth Tax Act is not allowable expenditure. But interest paid under other law is compensatory in nature and not penal then it is an allowable expenditure u/s 37(1).For more clarifications please refer SC verdict on Malwa Vanaspati & Chemicals Co.
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