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Expense allocation

nitinjain (accountant) (395 Points)

28 September 2019

We have total expence 100000 Rs & income from.
1.INTEREST 300000
2.LTCG 10% TAX 400000
3.STCG 15% TAX 200000
4 DIVIDEND 100000

HOW MUCH expenses will disallowed as per income tax act

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3 Replies

Kapadia Pravin (17254 Points)
Replied 28 September 2019

What type of expenses you are talking about ?

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nitinjain (accountant) (395 Points)
Replied 01 October 2019

Common expenses like salary

prasad Nilugal ( GST Practitioner & Accounts ) (14536 Points)
Replied 01 October 2019

please refer section 30 to 43D of the income tax act 1961 .

Also any expense only and only for business purpose is allowed as an expenditure by the Income tax act ( capital expenditure & personal expenditure are not allowed ) .

Any such expenditure incurred for the purpose which is an offence or which is prohibited by law , shall not be incurred for the purpose of Business or profession shall not allowed .