31 October 2021
Section 36(1)(vii) : Bad Debts Section 37(1) :Any expenditure (not being expenditure of the nature described in sections 30 to 36) and not being in the nature of capital expenditure or personal expenditure of the assessee, laid out or expended wholly and exclusively for the purposes of the business or profession, shall be allowed as deduction in computing the income chargeable under the Head "Profits and Gains of Business or Profession".
31 October 2021
Conditions for Allowance under Section 37(1) : Such expenditure should not be covered under the specific sections, i.e. sections 30 to 36. Expenditure should not be of capital nature. The expenditure should have been incurred during the previous year. The expenditure should not be of a personal nature. The expenditure should have been incurred wholly or exclusively for the purpose of the business or profession.
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