is misc. expenditure claimed as dedution under income tax if not in which section it is mentioned...?
7 Replies
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 06 June 2011
Give more details.
CA. Kamlesh Patel
(Practicing CA)
(33 Points)
Replied 06 June 2011
for claiming misc. exps. as deduction, IT section is 35
and if the exps. doesn't satisfy criteria of Sec.35 claim it in sec. 37(1)
CA,CMA,CS Karan Gogia
(Employed)
(230 Points)
Replied 06 June 2011
usally in accounting we debit small n odd expenses in miscl. exp head...
In income tax section 30 to 36 provide for specific kind of expenditure deductible and secton 37 provode duction for other expense provided folloeing condition is satisfied.
1)it shud b of revene nature.
2)whooly n exclusively for bussiness.
3(shud not b personal exp in nature.
so if misl. exp as asked by you is fallin in above catagories then it is duductible otherwise not..
in case of query pls write me at..kitu.kool @ gmail.com
Mukesh Kumar Singh
(CA-FINAL)
(4094 Points)
Replied 06 June 2011
i think more detail is not prescibed by the author that's why i cant solve it.
Aparna Raja K.C
(Student)
(520 Points)
Replied 07 June 2011
| Originally posted by : CA,CMA,CS Karan Gogia | ||
 |
usally in accounting we debit small n odd expenses in miscl. exp head... In income tax section 30 to 36 provide for specific kind of expenditure deductible and secton 37 provode duction for other expense provided folloeing condition is satisfied. 1)it shud b of revene nature. 2)whooly n exclusively for bussiness. 3(shud not b personal exp in nature. so if misl. exp as asked by you is fallin in above catagories then it is duductible otherwise not.. in case of query pls write me at..kitu.kool @ gmail.com |
 |
Agree :)
Rup Kumar
(finance manager)
(288 Points)
Replied 08 June 2011
| Originally posted by : CA,CMA,CS Karan Gogia | ||
|
|
usally in accounting we debit small n odd expenses in miscl. exp head... In income tax section 30 to 36 provide for specific kind of expenditure deductible and secton 37 provode duction for other expense provided folloeing condition is satisfied. 1)it shud b of revene nature. 2)whooly n exclusively for bussiness. 3(shud not b personal exp in nature. so if misl. exp as asked by you is fallin in above catagories then it is duductible otherwise not.. in case of query pls write me at..kitu.kool @ gmail.com |
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Fully agreed. However authour should be specific in expenditure.
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