PLEASE TELL WHETHER INTEREST ON SERVICE TAX IS ALLOWED OR NOT IN INCOME TAX.
9 Replies
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 23 September 2011
yes interest is allowed but penalties are not allowed
CMA Y Srinu
(Asst. Manager - Finance)
(35 Points)
Replied 26 September 2011
Penalty paid for wrong availment of cenvat credit - Is it allowed under income tax.
If Said penalty paid under protest and appeal has been filed against the order.
CA Unnikrishnan Nair N
(Chartered Accountant)
(2083 Points)
Replied 26 September 2011
Penalty for wrong availment of credit may not be allowed as expense.
CMA Y Srinu
(Asst. Manager - Finance)
(35 Points)
Replied 29 September 2011
Thanks for ur response.
Please provide any supporting case laws (or) provisions under what section it will be allowed.
TRILOCHAN
(SENIOR ACCOUNTANT)
(698 Points)
Replied 29 September 2011
All Interest on Indirect Tax are allowed. interest on direct taxes anrdisallowed..............
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