computing expenses allowable uls.14A
Deepak Kumar (1 Points)
14 February 2019
Give suitable illustration to computing
1 Replies
Saikrishnan S
(Chartered accountant - Plintron)
(186 Points)
Replied 15 February 2019
As per Section 14A of Income tax act " No deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of total income under this act"
The amount of expenditure shall be computed in accordance with method prescribed under Rule 8D.
The following 2 amounts shall be added :
1) Expenditure directly relating to Income which does not form part of Total Income
2) 1% of annual average of monthly average of Opening & closing balance of value of investment / incomed
Refer Attached file for Illustration.
Attached File : 1538240 20190215100230 section 14a sample.xlsx downloaded: 111 times
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