AS I HAD PAID 234 A B C INTEREST IN THE FY 2013-14. SO IN WHICH IN FY I CAN CLAIM THOSE AS DEDUCTION IN 2013-14 OF IN 2014-15??
12 Replies
Neha Jhanwar
(article)
(103 Points)
Replied 13 March 2015
Deduction on interest always allowed on paid basis. So in this case deduction for interest is allowed in fy14-15
Shiv prakash
(000)
(87 Points)
Replied 13 March 2015
As per Section 43B CERTAIN EXPENSES ARE DEDUCTABLE ON PAYMENT BASIS-
a. "Any sum payble by way of tax, duty, cess or fee (by whatever name called under any law for the time being in force)....."
Sahil Bhatia
(Practicing Chartered Accountant)
(290 Points)
Replied 13 March 2015
Interest on income tax is not allowed as deduction. Refer section 37 read with 40a.
vaanukumar
(article assistant)
(22 Points)
Replied 13 March 2015
Its a personal expenses not deductible
shrey aggarwal
(Proprietor)
(28 Points)
Replied 13 March 2015
Interest under section 234 A/B/C is not allowed as a deduction as per section 40a(ii). Though there have been recent cases to the contrary, however, it is advisable to not go with those cases and instead disallow them to avoid litigations.
Shrey (9971136072)
Gagan Deep Singh
(CHARTERED ACCOUNTANT)
(1190 Points)
Replied 14 March 2015
I also concede with shrey.
akash agarwal
(AUDIT)
(113 Points)
Replied 14 March 2015
It s 100% disallowed as it is personal in nature.
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 15 March 2015
Interest paid in respect of delayed payment of income tax is not deductible...(CIT V. Federal Bank Ltd.)
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 15 March 2015
Interest paid in respect of delayed payment of income tax is not deductible..( Federal Bank Ltd. v. CIT )
Gagandeep Singh
(Article)
(29 Points)
Replied 15 March 2015
100% disallowance. Personal nature expenditure
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