profits and gains from business and profession

Simranjeet Singh (Proprietor at S Simranjeet & Associates Company Secretaries)   (4396 Points)

03 February 2010  

                                             

hiii, everyone pls answer it......

state with reasins in brief whether the following expenses are permissible as deduction while computing " profits and gains from business and profession". 1. travelling expenses of rs. 20,000 incurred by a director on a tour to U.S.A in connection with negotiation of purchase of a new machinery, 2. interest paid to bank rs. 15,000 in connection with overdraft obtained for paying dividend. 3. rs. 20,000 were spent in the previous in connection with statutory income tax proceedings. 4. an expenditure of rs. 20,000 incurred towards cost of neon signs fixed on office premises for advertising the products of the assessee.