Please Help: Tax Audit
Posted Date : 29-Oct-2013 , 05:33:24 pm | Posted By Priyanka
Whether the penalty or fine paid to customs dept are allowable expenses? Also whether Additional scustoms duty paid is allowed or not?
Category : Income Tax | Answers : 1 | Comments : 0 | Hits : 202
Answers
Answer By: shankygarg
NO, PENALTY (OR FINE) PAID TO CUSTOM DEPT. IS NOT AN ALLOWABLE EXP. IN INCOME TAX. BUT, ADDITIONAL CUSTOM DUTY IS ALLOWED.
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