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Income Tax - Highlights / Catch Notes

Home Highlights February 2022 Year 2022 This

Disallowance interest on delayed payment of service tax - It is ...

Income Tax

February 8, 2022

Disallowance interest on delayed payment of service tax - It is well settled principle that interest on late payment of Service Tax is not penal in nature. Since, it is compensatory in nature, it is eligible for deduction u/s. 37(1) of the Act as it can be termed to be expended wholly and exclusively for the business purpose and the payment of interest on late remittance of Service Tax is neither an offence nor prohibited by law. I - AT

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