Dear Sir,
Pls clarify , Interset paid u/s 234 is allowable or not . Suppose , if it is allowable , the Co. failed to show it as exp during the year the tax and int has been remitted .What 'll be the consequence ?
2 Replies
Late CA Sampat Jain
(Chartered Accountant)
(4772 Points)
Replied 26 January 2008
not allowable as business expenditure
M.Sriram Shenoy
(CA Final)
(814 Points)
Replied 28 January 2008
Interest paid for delay in filing return of income shall not be allowed as a business expenditure.
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