https://www.taxtmi.com/circulars?id=9046 Interest paid for failure to deposit statutory provident fund contributions is characterised as a penalty for non compliance and does not meet the conditions for an allowable business expenditure; such payments are punitive rather than incidental to income generation and must be excluded in computing total income. en-us Tue, 09 Nov 1976 00:00:00 +0530 Wed, 01 Jun 2011 18:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=9046 Interest paid for failure to deposit statutory provident fund contributions is characterised as a penalty for non compliance and does not meet the conditions for an allowable business expenditure; such payments are punitive rather than incidental to income generation and must be excluded in computing total income. Circulars Income Tax Tue, 09 Nov 1976 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9046