Anyone knows whether late fee and interest paid for the late filing of my GST Return. And also explain me, if i paid penalty - can be claimed as expenditure or not?
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If you pay the late fee then you will get a fine automatically. Technology has revolutionized the world. Now you can do, talk and chat with anyone you want to. These online forums have brought a lot of convenience to our life. With the help of https://clubessay.com/ about music online forums, we can communicate with others without any problem. This is the best way to share your ideas and get help regarding your issues online
Interest and late fee are compensatory in nature and can be claimed as expenditure. However penalty paid can't be claimed as expenditure in income tax, since it is not compensatory in nature and it is paid due to violation of law. If u get a deduction for penalty paid under any law then there is no point in having such penalty because every one will commit such offence and get a deduction for that penalty.
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Wow amazing Thread. One thing i would like to say you that keep doing good work like this. Thank you so much for sharing this with us, Keep uploading more Black Widow Jacket
If you pay the late fee then you will get a fine automatically. Technology has revolutionized the world. Now you can do, talk and chat with anyone you want to. These online forums have brought a lot of convenience to our life. With the help of https://clubessay.com/ about music online forums, we can communicate with others without any problem. This is the best way to share your ideas and get help regarding your issues online
Interest and late fee are compensatory in nature and can be claimed as expenditure. However penalty paid can't be claimed as expenditure in income tax, since it is not compensatory in nature and it is paid due to violation of law. If u get a deduction for penalty paid under any law then there is no point in having such penalty because every one will commit such offence and get a deduction for that penalty.
Hope u got clarity..