Petrol expenditure
Harshit Acharya (404 Points)
24 August 2020
Whether amount paid for fuel during the year is deductible under p and l account or not?
1 Replies
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 24 August 2020
Yes, If it's business expenditure than deductible under Profit and Loss A/c.
All business expenses are allowed except specifically disallowed by income tax Act.
All business expenses are allowed except specifically disallowed by income tax Act.
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