Hi Friends,
During the course of my audit of many companies i have come accross a common problem while calculating the taxable income of the companies for making provision for taxation that is there is interest on late deposit of advance tax, tax deduction at source and service tax. Whether such interest on late deposit of statutory dues is allowable expenditure under the income tax act. Please refer the section also while sending the reply and send me the reply as soon as possilbe.
Sanjeev(C.A)
CAclubindia
