Dear Experts,
In Pvt. Ltd. Company can Penalty taken as expense in profit and loss.
3 Replies
Ravi SADhiyan
(Practice)
(4510 Points)
Replied 18 August 2020
No Penalty allowed as deduction under Income Tax if Related to Law
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 18 August 2020
In books of account of Company, you can show penalty as Expenses in profit and loss account.
but as penalty is not allowed as Expenses under income tax act, it's got disallowed at time of calculation of profit of company for filing income tax return.
but as penalty is not allowed as Expenses under income tax act, it's got disallowed at time of calculation of profit of company for filing income tax return.
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