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Section 43B of the Act provides a list of expenses to be allowed as deduction under the head 'Income from business and profession'. It states some expenses that can be claimed as deduction from the business income only in the year of actual payment and not in the year when the liability to pay such expenses is incurred even if the assessee follows mercantile basis of accounting.
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
V.K. Ranjan & Co(Chartered Accountants)
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