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?

[Ganeshan Kalyani]

In my view, 'NO'.

[KASTURI SETHI]

Dear Sh.Kalayani Ji,. Here expense means the Querist wants deduction on account of the amount paid as penalty or late fee. You have replied, 'NO'. Your reply appears to be right. This expense is on account of default do not to be treated as expense for the assessment of Income Tax. Am I right ? Pl. Reply for my enrichment of knowledge. Thanks.

[subramanian vijayakumar]

I agree with the view of sethy ji

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.