Gst late fees disallowed under which section
http://prakharsoftech.com/view-query-answer/query_id=17120 Web3) disallowance under section 40 (a) (ia) is only for non deduction of tax at source and not short-deduction of tax. Analysis of views. 1) First view is illogical as if person have deducted and paid tax on maximum amount but he didn’t deducted and paid on minor amount. 2) Second view is True and fair view as 30% disallowance to be made on ...
Gst late fees disallowed under which section
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WebJul 10, 2024 · P.Saravanan. 10 July 2024 interest paid is allowed but late fee or penalty paid is disallowed under income tax act. 05 November 2024 As per recent judgement, even late fees & penalty, being part and parcel of business, is allowed for deduction under IT assessment. You need to be the querist or approved CAclub expert to take part in this … WebApply, expenses of Rs. 9,70,248 were disallowed and added back to the generated of which assessee. Section 201(1A) of the Income Tax Act requires assessees into pay 1.5% simpler interest per monthly or part of a month in the event of a delay in remitting the TDS amount deducted to the Centralised Government's treasury.
WebAug 15, 2024 · Therefore, GST late fee will not be disallowed under sec 40 (a) (ii). Expenses which are in the nature of ‘rate’ or ‘tax’ are specifically disallowed under … WebThe following amount shall not be allowed as a deduction in computing the income chargeable under the head Profit & gains of business or professions: –. Any interest, royalty or fees for technical services or any other sum chargeable in the hands of the recipient under the Act which is payable –. in India to a non-resident (not being a ...
WebMay 10, 2013 · 17 f) amounts inadmissible under Section 40(a); As revealed during the course of our examination carried out as indicated against clause 9(b) above, no disallowance under Section 40(a)(ia) relating to expenses on which tax deducted at source was not remitted within due date of filing of return of Income. WebHi #connections, With the start of new Financial year 2024-24, the President of India assents to the recommendations proposed by the Central government (CG)…
WebMar 31, 2024 · Provided that for the registered persons who fail to furnish the return under section 44 of the said Act by the due date for any of the financial years 2024-18, 2024-19, 2024-20, 2024-21 or 2024-22, but furnish the said return between the period from the 1st day of April, 2024 to the 30th day of June, 2024, the total amount of late fee under …
WebIndirect Taxation professional (GST,Customs &FTP). Advisory, Audits and Assessments, Litigation and Legal services under GST, Customs and FTP with 35 years of Experience in Manufacturing and Service Industries 1w st francis college bkWebApr 8, 2024 · Summary: Payment of interest on late deposit of TDS by the assessee leviable u/s 201(1A) of the Income Tax Act is neither an expenditure only and exclusively incurred for the purpose of the business and therefore the same is not allowable as deduction u/s 37(1) of the Act. Brief Facts: The assessee is a private limited company engaged in the … st francis college dahisar westWebSep 9, 2024 · 224. 224. Because of Section 16 (4), with the rejection of ITC, the Government obtained Rs. 546/- (140+182+224) as tax and the related Interest and Late Fees. Post to the application of rule 36 (4) and finding out the ability “of ITC GSTR-2A/2B, Mr Z would be able to take credit 5/10/20%” above what is seen towards GSTR-2A. st francis college radiology programWebSep 21, 2024 · Please clarify which of the following expneses are disallowed under section 43b,37 or any other section of income tax. 1.Interest on late payment of TDS 2.Interest on late payment of GST 3. Interest on late payment of PF, ESIC 4.Late filing fees of GST 5 Late filing fees of TDS st francis college mariannhill school feesWebOct 3, 2024 · Tax Audit - 1. GST Tax Demand, Penalty & interest paid is allowed as deduction or not ?? Reply—As per section 43B of Income Tax Act, a deduction … st francis college in marianhillWebJun 28, 2024 · M/s. Emdee Digitronics Pvt. Ltd Vs PCIT (ITAT Kolkata) Conclusion: Interest paid on late deposit of VAT, Service Tax, TDS etc, was not penal in nature and the same was allowable as business expenditure under section 37(1). Held: CIT exercised his jurisdiction under section 263 to revise the order passed by AO under section 143(3) … st francis college church sluWebIndirect Taxation professional (GST,Customs &FTP). Advisory, Audits and Assessments, Litigation and Legal services under GST, Customs and FTP with 35 years of Experience in Manufacturing and Service Industries 1 أسبوع st francis college register office