Is penalty permissible under income tax act
Ankush (Student) (1364 Points)
10 January 2020
please clarify in what situation it is, if yes.
rama krishnan
(12234 Points)
Replied 10 January 2020
Kapadia Pravin
(17259 Points)
Replied 10 January 2020
CA Arun Tiwari
(Partner)
(5445 Points)
Replied 13 January 2020
According to the provisions of the Income-tax Act, if a person is penalised for violating a law, the penalty paid for the offence is not allowable as expenditure for the purpose of computing his income under the Income-Tax Act
Accordingly , it will not be permissible under the Income Tax act
CA Arun Tiwari
(Partner)
(5445 Points)
Replied 13 January 2020
According to the provisions of the Income-tax Act, if a person is penalized for violating a law, the penalty paid for the offence is not allowable as expenditure for the purpose of computing his income under the Income-Tax Act
Accordingly , it will not be permissible under the Income Tax act
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
