Allowable deduction
This query is : Resolved
06 November 2012
Is damage allowabe for deduction under income tax act.
07 November 2012
please clarify
which type of damage its nature and other details
which type of damage its nature and other details
08 November 2012
Income Chargeable under Profit and Gain from Business and Profession.
Section 37:-
Any expenditure (not being expenditure of the nature described in sections 30 to 36 and not being in the nature of capital expenditure personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head "Profits and gains of business or profession".
From above it is clear that if damage is done under normall course of business is allowable
Section 37:-
Any expenditure (not being expenditure of the nature described in sections 30 to 36 and not being in the nature of capital expenditure personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head "Profits and gains of business or profession".
From above it is clear that if damage is done under normall course of business is allowable
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