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"
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Where to show the RCM on Rent paid to unregistered landlord
- Is Aadhar PAN linking required for opening bank account?
- Applicability
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Gst Sales of FY 2023-24
- TDS NUMBER SURRENDER
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Offsetting interest income against derivative trading losses
- Application of 115BAC
- Whether still royalty
- 20% OF DEMAND PAYMENT IN APPEAL
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
