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Deduction under p and l
Whether any paid for renewal of a certificate , be deducted under p and l?
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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.
If payment paid for renewal as a penalty then its not allowable as a deduction for tax audit purpose
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