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
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
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
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
Purchase is also deductable in income tax. Pls clarify under which sec the purchase is deductable
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.
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