At the time of making payment of income tax and interest, we had inadvertently made a mistake that we made a payment under the head income tax in stead of interest we have to pay.
Please give your suggestion in any problems araised in future?
Then, VAT arrears paid on demand of notice from the respective department is allowable or not allowable expenses in income tax act?
27 March 2018
1 Head of remittance under income tax not a problem it will be adjusted against interest. 2 VAT arrears payment allowed under income tax. Interest and penalty not allowed.
28 March 2018
No problem for filling return if you show entire amount in tax. Penalty and interest and late fees if any paid with arrears will be disallowed.
CAclubindia
