Section 14A
This query is : Resolved
09 December 2009
please guide on this section 14A read with rule 8D
09 December 2009
setion 14A provide that expenses on exempted income will not allowed the deduction in come tax act,
09 December 2009
Problem is arise that incase where assessee has both taxable income and exempted income,
normally he claim that he inccured on experses on expempted in come and or claime less exp. in case of exempted income
normally he claim that he inccured on experses on expempted in come and or claime less exp. in case of exempted income
09 December 2009
so to cover this matter Rule 8D come in force,
rule 8D provide the manner of calculation of expenses in case of exempted in come,
and this expense will not allowed as income
rule 8D provide the manner of calculation of expenses in case of exempted in come,
and this expense will not allowed as income
09 December 2009
Method is very simple,
1st take the avg of exempted assests and total assests,
Expeses will be
1. directly related to expempted income,
2. Proportionate exp. on the bases of avg (in case of commen exp)
3. 1/2% of avg of investment in exempted investment or assests
1st take the avg of exempted assests and total assests,
Expeses will be
1. directly related to expempted income,
2. Proportionate exp. on the bases of avg (in case of commen exp)
3. 1/2% of avg of investment in exempted investment or assests
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
