Dear All,
Please let me know how many expenses which disallowance during tax calculate ?????
Thanks
5 Replies
Ram Kumar Lakkoju
(Internal Auditor)
(37 Points)
Replied 25 February 2012
Hi!!
I cannot list all them. But i ll summarise some categories
1) Personal expenses of Directors.
2) Capital Expenditure.
3) Expenditure incurred for violation of law.
4) Income tax.
5) Expenditure s which have no nexus with business.
Sachin Rajput
(account exe)
(593 Points)
Replied 25 February 2012
From where i can get full information?
VENUGOPALAKRISHNAN P K
(ACCOUNTS OFFICER)
(33 Points)
Replied 25 February 2012
DEAR MR SACHIN
The reply by Mr.Ramkumar contains everything. For a business all expenses incurred for running the business is allowable expenses. Anything which is in violation of the law or in the nature of personal expenses it is not allowed.
Also the INCOME TAX is not allowed as an expense since the same is tax on your net income.
For more details on allowable expenditure you may refer the DIRECT TAX LAWS
Regards
VENUGOPAL
Sachin Rajput
(account exe)
(593 Points)
Replied 25 February 2012
Thanku sir,
coudl u refer any book for It so that i prepare final of a company.
Sagar M. Kulkarni
(Article Assistant)
(294 Points)
Replied 28 February 2012
Read Sections 40, 40(a)(ia), 43 b so u will get a complite understanding of the disallowence.
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