Whether Late filing fees of GST Returns allowed as an expenses in Income Tax

[CA-Gourav Garg]

Whether Late filing fees of GST Returns allowed as an expenses in Income Tax?

AI Summary

GST Late Filing Fees Not Deductible as Income Tax Expense, Experts Agree on Non-Deductibility of Penalties A discussion on whether late filing fees for GST returns can be claimed as an expense in income tax involved three participants. The consensus was that such fees should not be considered deductible expenses for income tax purposes. One participant initially stated 'no,' and another agreed, clarifying that penalties or late fees due to defaults should not be treated as expenses for income tax assessment. The third participant concurred with this interpretation, supporting the view that these fees are not deductible.