Taxation of innn
MPR Sanjay Kumar (3118 Points)
30 October 2021
my honourable persons,in income tax what to do the expenses???
9 Replies
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 30 October 2021
Purchase taxes is set off against sales tax during filing. I am not an expert in filings.
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 31 October 2021
Expenses are deductible and non deductible under certain conditions
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(5148 Points)
Replied 02 November 2021
For individual wage-earners, the most commonly-used deductibles are mortgage interest payments, state and local tax payments, and charitable deductions. There is a deduction for out-of-pocket medical costs, but only for costs that exceed 7.5% of the taxpayer's adjusted gross income.
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 03 November 2021
Thanks for the information
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