Exp allowed
sagar (mathura) (214 Points)
16 January 2016
discount allowed/received from customer is a deductible expenditure or not?
2 Replies
Deepak Tapse
(Accounts Manager - Taxation)
(1771 Points)
Replied 16 January 2016
Yes, discount allowed is deductible expenditure
sagar
(mathura)
(214 Points)
Replied 16 January 2016
Anybody misuse this provision by showing his bad debts as discount allowed to customer and avail deduction.
Because generally income tax department reject the plea of bad debt.than discount can be a substitute of bad debt.
is there is any provision to show proof to officer of calculations of discount given.
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