CA Kanveer Singh Dhingra (Merchant Banker) (193 Points)
11 December 2009
Hareesh H Sharma
(Cleared IPCC..now article)
(894 Points)
Replied 11 December 2009
Nop Kanveer Singh..Sec 14A says that expenditure incurred in relation to income exempted from total income shall not be allowed as deduction in the computation of income under ANY 5 heads of income
Ca kirti Nagpal
(CA)
(274 Points)
Replied 11 December 2009
No, as per sec 57(iii) only expenditure incurred for earning income chargeable 2 tax is allowed as deduction under this head. Expenditure related 2 exempt income is not allowed. As per sec 14a "expenditure in relation 2 income not includible in total income is not allowed". income however if income 4 which it is incurred is not earned till then it is allowed
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