Deductibility of pf interest u/s 37 of the income tax act
S.Vix (ARTICLED CLERK) (60 Points)
20 August 2016
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 20 August 2016
only statuary liabilities are allowed as expenses, provided its paid within due date of payment,
interest and penalty is added back to profit in case of tax audit
jaya krishna
(Chartered Accountant)
(262 Points)
Replied 21 August 2016
Ineterest Is Compensating Nature Allowable As Deduction. Penalatis Are Non Compensating Nature Not Allowable As Deduction.