Late fees & plenty due to late filed return
This query is : Resolved
27 July 2019
Respected experts,
Can we Show late fees & Plenty in Profit & Loss account.
or any other method Please suggest ?
Respected experts,
Can we Show late fees & Plenty in Profit & Loss account.
or any other method Please suggest ?
27 July 2019
Yes... You can show the late fee in PandL.
But, What You mean plenty...?
30 July 2019
In my opinion it is not a deductible expenditure under section 37(1) so it is not to be shown in profit and loss account.
30 July 2019
Yes you can deduct from capital but not as part of drawings
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