Deduction under p and l
Harshit Acharya (404 Points)
11 July 2020
Whether any paid for renewal of a certificate , be deducted under p and l?
2 Replies
Sanjay Km
(8 Points)
Replied 11 July 2020
For ex : Pawn broking business have to renewal certificate for every year then we show it in Profit and loss A/c cuz, For Business run he have to renewal the certificate so , better check for what purpose ur doing renewal and claim deduction, Deduction apply only for business purpose renewal.
zishan mandli
(203 Points)
Replied 11 July 2020
If payment paid for renewal as a penalty then its not allowable as a deduction for tax audit purpose
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