Can I claim Interest ,Late fee and penalty paid for GST on delayed filing of return as expense?
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?
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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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..
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