https://www.taxtmi.com/forum/issue?id=113274 Interest charged on instalments of advance tax and on self-assessment tax is treated as a finance cost and not allowable as a business expenditure; section 40(a)(ii) deals with rates and taxes and does not include penal or default interest on delayed tax payments, which is governed by provisions imposing interest for late payment and is excluded from ordinary deductible tax heads. en-us Fri, 05 Jan 2018 09:45:19 +0530 Thu, 23 Jan 2025 15:55:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=113274 Interest charged on instalments of advance tax and on self-assessment tax is treated as a finance cost and not allowable as a business expenditure; section 40(a)(ii) deals with rates and taxes and does not include penal or default interest on delayed tax payments, which is governed by provisions imposing interest for late payment and is excluded from ordinary deductible tax heads. Discussion-Forum Income Tax Fri, 05 Jan 2018 09:45:19 +0530 https://www.taxtmi.com/forum/issue?id=113274