allowance of interest on late payment of service tax pretain to previous years

09 Sep 2014

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Interest on Late Service Tax Payments: deductibility under income tax sought; taxpayer queries governing provision.
Whether interest paid on delayed remittance of service tax that pertains to a prior fiscal year is allowable as a deduction for income-tax purposes; the taxpayer paid service tax and interest in a subsequent year and asks for the rule or section permitting deduction of interest computed from billing date to payment date. (AI Summary)

Dear All

I have one query regarding allowance of interest on late payment of service tax belongs to previous years...

I have paid Rs 501608 service tax and Rs .103522 interest on that on 24.12.2013 that is in fy 2013-14 which belongs to fy 2012-13 now please tell me the interest 1.5% per month from billing date to till date of payment i have paid will be allowed in IT or not if yes then please let me know the rule or section which allowed the same

Thanks and Regards,

ANIL KUMAR

9380148789

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allowance of interest on late payment of service tax pretain to previous years

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allowance of interest on late payment of service tax pretain to previous years