GST Late Fee
Amit Jain (Proprietor ) (537 Points)
22 June 2020
Whether GST Late Fee is allowable expenditure under Income Tax Act
4 Replies
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 22 June 2020
No .It's not allowed .
Late filing of return or late payment of GST will be considered as violation of law.So the late will be in the nature of penalty for not filing or paying on time.
Disallowed u/s 40(a)(ii) of Income Tax Act, 1961
Late filing of return or late payment of GST will be considered as violation of law.So the late will be in the nature of penalty for not filing or paying on time.
Disallowed u/s 40(a)(ii) of Income Tax Act, 1961
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 22 June 2020
Yes... The late fee is allowed as expenditure under income tax.
Lokesh Agrawal
(10 Points)
Replied 22 June 2020
Yes, it is allowed to claim business expenditure. As penalty and Fees are different under Income tax Act. it is not due to breach of law. hence, allowed.
Recent Topics
- Avoiding tax audit in case of intraday equity loss
- Form 3CEAB
- Form 3CEAA and Form 3CEAB
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
Related Threads
CAclubindia
