VAT interest and penalty
SHIVANI KUDTARKAR (511 Points)
05 December 2018
whether VAT interest and penalty is an allowable expense under Income Tax Act
4 Replies
Khushi Sharma
(17 Points)
Replied 06 December 2018
penalty under vat is not allowed under income tax act
Khushi Sharma
(17 Points)
Replied 06 December 2018
any expenditure incurred for violation of law i.e. penalty for violation of provisions of vat law in this case, is specifically disallowed under the income tax act. however interest is allowed.
If penalty is allowable please enlighten me, as I'm pretty sure it is not allowed
If penalty is allowable please enlighten me, as I'm pretty sure it is not allowed
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