27 August 2018
Dear all, Is interest u/s 234 A,B,C required to shown below the line as part of the “provision for income tax “or should be show above the line as tax expenses? Is institute has issued any guidance note or official confirmation regarding Disclosure of interest u/s 234 A B C? Please do the helpful, Regards, Kiran.
27 August 2018
Interest is not a 'tax expense' as per AS-22. Therefore, should be disclosed either under 'interest expenses' or as a separate line item in the statement of Profit & loss.
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