Late Fee Entry

423 views 7 replies
User Avatar

17 Points Joined August 2019
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 ?
0 Reply Share Follow
On 02 November 2019 at 20:27 Report
Replies (7)
User Avatar

MANAGER ACCOUNTS
187 Points Joined November 2009
indirect exp
Reply
On 02 November 2019 at 21:01
User Avatar

audit manager
453 Points Joined May 2017
It shown as indirect expense
Reply
On 02 November 2019 at 22:38
User Avatar

947 Points Joined March 2018
I agree with the experts, you should charge the same to revenue expenses and debit the p&l account
Reply
On 02 November 2019 at 23:47
User Avatar

GST Practitioner
55067 Points Joined June 2017
Yes ...but will not allowed as expense (Add back)
Reply
On 03 November 2019 at 00:43
User Avatar

947 Points Joined March 2018
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. 
Reply
On 03 November 2019 at 00:47
User Avatar

7059 Points Joined January 2017
Late fee can not take an expense.
Reply
On 03 November 2019 at 14:53
User Avatar

Advocate
940 Points Joined July 2011
Can it be debited to capital account ?
Reply
On 06 November 2019 at 09:20


CCI Pro

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading