11 September 2010
interest on late payment of Service Tax wether allowed as deduction or will it be disallowed at the time of computing income.......????
Pls. refer section 40(a),as it was written that interest on "Income Tax" , "Wealth Tax" and "FBT" is not allowed as deduction but interest under any other law is allowed.
11 September 2010
But rule 7C of the Service tax Rules,1994 has used a word penalty ,once in the 3rd proviso thereto ,which may lead to a dispute regarding allowability.
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