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

Whether Late filing fees of GST Returns allowed as an expenses in Income Tax https://www.taxtmi.com/forum/issue?id=113428 Late-filing fees for GST returns are treated as penalties or payments arising from default and, therefore, are not allowable as deductible expenses for income-tax purposes because they are sanctions for non-compliance rather than costs incurred in producing income. en-us Fri, 23 Feb 2018 12:55:55 +0530 Thu, 23 Jan 2025 15:55:30 +0530 TaxTMI RSS Generator Whether Late filing fees of GST Returns allowed as an expenses in Income Tax https://www.taxtmi.com/forum/issue?id=113428 Late-filing fees for GST returns are treated as penalties or payments arising from default and, therefore, are not allowable as deductible expenses for income-tax purposes because they are sanctions for non-compliance rather than costs incurred in producing income. Discussion-Forum Income Tax Fri, 23 Feb 2018 12:55:55 +0530 https://www.taxtmi.com/forum/issue?id=113428