Hello,
interest paid on custom duty
whether it is allowable exp or disallow in income tax.
8 Replies
Janak Shah
(ca)
(603 Points)
Replied 30 October 2021
Interest expenses would be allowed as deduction.
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 31 October 2021
Then it is also an deductible
Janak Shah
(ca)
(603 Points)
Replied 31 October 2021
Yes because interest doesn't tantamount to any penalty paid on infraction of law
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