Distribution on festival
This query is : Resolved
16 October 2014
Mithai Distributed on the festival of Diwali whether eligible for deduction under income tax act or not?
Approx Rs. 1 Lac mithai distributed whether I can take benifit of this under income tax act or not?
Please inform as early as possible.
Approx Rs. 1 Lac mithai distributed whether I can take benifit of this under income tax act or not?
Please inform as early as possible.
17 October 2014
yes, you can take the deduction if the mitahi is distributed for business purpose i.e. distributed to employees and clients.
17 October 2014
But Sir,
if i am doing business of trading in electronics item and mithai of Rs. 1 Lac distributed on the festival of diwali till i can take deduction for mithai distribution to client and employees. is there any limit for this?
if i am doing business of trading in electronics item and mithai of Rs. 1 Lac distributed on the festival of diwali till i can take deduction for mithai distribution to client and employees. is there any limit for this?
17 October 2014
No limit as far as the expenditure is incurred for business. In your case the expenditure is fully allowable
17 October 2014
In Accounting it can be shown under the head " Festival Celebration"
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