What will be the ledger group for late fees paid for late submission of 3B ?
Shall we put it in Duties And Taxes or Indirect expenses ?
7 Replies
Surjeet Negi
(947 Points)
Replied 02 November 2019
I agree with the experts, you should charge the same to revenue expenses and debit the p&l account
Pankaj Rawat
(GST Practitioner)
(55057 Points)
Replied 03 November 2019
Yes ...but will not allowed as expense (Add back)
Surjeet Negi
(947 Points)
Replied 03 November 2019
I correct and agree with Pakaj rawat ji.... not allowed as an expense under income tax by virtue of section 37(1) of income tax act.This expense is on account of default do not to be treated as expense for the assessment of Income Tax.
Mahabir Prasad Agarwal
(Advocate)
(908 Points)
Replied 06 November 2019
Can it be debited to capital account ?
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