Allowances and deductions
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 January 2016
Sir,
Can you please explain what is the exact difference between an allowance and a deduction ?
Can you please explain what is the exact difference between an allowance and a deduction ?
30 January 2016
In case of profits and gains of business or profession, depreciation allowance, investment allowance etc. allowances; rent, repairs, other revenue expenditure etc. are deductions.
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