CA. Rashi Goyal (Chartered Accountant) (512 Points)
31 August 2011Interest on late payment of service tax is allowable expenditure or disallowable expenditure under income tax act.
SANYAM ARORA
(“It's hard to beat a person who never gives up.”)
(20168 Points)
Replied 31 August 2011
It is disallowed under the said Act.
Mukesh Kumar Singh
(CA-FINAL)
(4094 Points)
Replied 01 September 2011
It is disallowed under the said Act.
CA Kumar Mukesh
(CA CMA FINAL and Advance Excel Trainer)
(6881 Points)
Replied 01 September 2011
I don't agree with oher reply
It is allowed because it not personal nature tax
yes if there is penalty then it will not allowed as deduction
Pradip Shaw & Co
(Practice)
(227 Points)
Replied 01 September 2011
Service tax at all not a xpenditure, so payment of service tax as well as int on late payment not allowed
Devendra
(Chartered Accountant)
(4775 Points)
Replied 01 September 2011
The Interest paid on late payment of Service Tax is an allowable expenditure. Also the Interest paid on late payment of VAT / CST is an allowable expenditure. However, interest on late payment of TDS is not an allowable expenditure.
Regards,
Devendra k
student
(WORKING)
(757 Points)
Replied 01 September 2011
SIMPLE
INT PAID UNDER INDIRECT TAXES R ALLOWABLE .BUT INT UNDER DIRECT TAXES DISALLOWED
manish sharma
(ca final)
(110 Points)
Replied 01 September 2011
interest paid on service tax is allowed in income tax.
Vivek Mehta (CA, DISA,CS, MBA)
(I am in Practice and also giving understanding and guidance to the Students of CA Final and IPCC for various subjects esp for Direct Tax.)
(1629 Points)
Replied 01 September 2011
The Interest on Delayed payment of service tax is an allowable expenditure under income tax act.
karan
(ca final)
(55 Points)
Replied 23 November 2011
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