Sec.40

Ajay (CA Job) (512 Points)

10 May 2007  
An item in the P&L A/c-"Interest on late payment of sales tax''. This is allowed or diallowed as deduction?
What if its interest on late payment of income tax? amd what if its linterest on late payment of any tax other than income tax, fringe benefit tax, securites transaction tax(wherever applicable)???plz reply....thx...Ajay