himanshu (Student) (64 Points)
27 May 2011
Please guide me.
How can i bifurcate the
-deductions applicable to a specified assessee, and
-deductions applicable to a specified business
in Profits and Gains from business and profession chapter of the Income tax.
regards
CA NITUL MEHTA
(KPMG-Senior Consultant-International Tax )
(236 Points)
Replied 27 May 2011
genrally in IBP deductions are available to all the assesees except few exceptions like deduction for expenditure for family planning allowed to only companies , contribution to political magzines only to individuals , deductions specific to offshore banking units threre are still 2 or 3 i guess thats it
but deductions according to specified business can be found only in 35AD, or in expenditure towards sceintific expenditure , retail business 44AD, plying cars vehicles 44AF thats it
it is under section 80IA,IB,IC,ID,IE where u can make a chart section wise to mark eligible assesee eligible business .
it iwll be easy this way
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
