(In the Case of Partnership firms and other non-corporate entities)
Section 40a(ii) disallows tax on profits.
what about interest on tax ??? (234 A, B and C)
(whether tax includes interest also??)
Kindly Reply Friends.
3 Replies
Shan Antony
(Industrial Trainee)
(243 Points)
Replied 28 September 2010
I dont think that interest portion is considered seperately for this purpose. Both tax and its interest are disallowed.
FATEMA
(CHARTERED ACCOUNTANT)
(719 Points)
Replied 28 September 2010
Dear Vijay,
Any sum paid on aacount of income tax is not deductible u/s 40(a)(ii).
Similarly interest,penalty or fine paid for non-payment or late payment of income tax is not deductible.This rule is applicable whether tax is paid in India or outside India.
Regards,
Fatema.
sachin kakkar
(CA)
(188 Points)
Replied 29 September 2010
Section 40a(ii) disallows payment of penelties on income tax in case of default...so disllowed
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