Deduction of purchase
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 March 2017
Dear Experts,
Purchase is deductable in income tax. Pls clarify :- under which rule/section
Regds
Anshul
Purchase is deductable in income tax. Pls clarify :- under which rule/section
Regds
Anshul
15 March 2017
Deductions not mentioned specifically under income tax are allowed under section 37 which deals with general deduction related to business, few conditions to be satisfied like expense should not be personal in nature, expense should not be of capital nature.
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 March 2017
sir,
purchase is also deductible like Net sale/turnover 100000
Less purchase 90000
GP 10000/-
under which sec this purchase is deductible... is there any rule section or any circular for the same
purchase is also deductible like Net sale/turnover 100000
Less purchase 90000
GP 10000/-
under which sec this purchase is deductible... is there any rule section or any circular for the same
15 March 2017
Purchase of Rs. 90000 in covered under section 37 of the income tax act
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