Expenses allowed in income tax under which sec

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 March 2017 Dear Experts,
Business expenditure is allowed in income tax such as wages, salary, rent, travelling, depreciation, etc.

Pls tell me under which section of income tax these expenses are allowed?

Regds
Subham bansal

CA Shubhanshu Jain

CA Shubhanshu Jain (Expert)
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10 March 2017 Hello Shubham, Kindly note following sections

Section 32 deals with depriciation

Section 36 deals with certain specific expenses like Bad debts, Interest on borrowed capital etc.

Section 37 deals with expenses which are general in nature and necessary to run business but excludes personal expenses, capital expenses

Querist : Anonymous

Querist : Anonymous (Querist)

11 March 2017 Dear Jain sir,
Purchase is also deductable in income tax. Pls clarify under which sec the purchase is deductable

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CA Gopal Somani

CA Gopal Somani (Expert)
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13 March 2017 Whatever expense which are not mentioned specifically in any section as business expense those can be claimed in section 37 provided those are not personal expenses or capital expenses.