TAX LAWS
Know the powerful section 37 of the income tax act, 1961 it provides deduction of any EXPENDITURE not covered by section 30 to 36.
following conditions must be satisfied:-
1) expenditure must not be covered by the sec. 30 to 36
2) expenditure wholly and exclusively for the business purpose
3) it should not be nature of capital expenditure
4) it should not personal expenditure of the assessee
5) expenditure must not be an offence or is prohibited by law Satisfy these and enjoy the deduction.
Know the powerful section 37 of the income tax act, 1961 it provides deduction of any EXPENDITURE not covered by section 30 to 36.
following conditions must be satisfied:-
1) expenditure must not be covered by the sec. 30 to 36
2) expenditure wholly and exclusively for the business purpose
3) it should not be nature of capital expenditure
4) it should not personal expenditure of the assessee
5) expenditure must not be an offence or is prohibited by law Satisfy these and enjoy the deduction.
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