Easy Office
LCI Learning

Distribution on festival

This query is : Resolved 
Profile Image

Profile Image

(Querist)
16 October 2014 Mithai Distributed on the festival of Diwali whether eligible for deduction under income tax act or not?

Approx Rs. 1 Lac mithai distributed whether I can take benifit of this under income tax act or not?

Please inform as early as possible.
Profile Image

CA Siddharth Mehra

Profile Image

CA Siddharth Mehra (Expert)
17 October 2014 yes, you can take the deduction if the mitahi is distributed for business purpose i.e. distributed to employees and clients.
Profile Image

SHREEPAL LALWANI

Profile Image

SHREEPAL LALWANI (Querist)
17 October 2014 But Sir,

if i am doing business of trading in electronics item and mithai of Rs. 1 Lac distributed on the festival of diwali till i can take deduction for mithai distribution to client and employees. is there any limit for this?



Profile Image

Chinay Solanki

Profile Image

Chinay Solanki (Expert)
17 October 2014 No limit as far as the expenditure is incurred for business. In your case the expenditure is fully allowable
Profile Image

CA Bajrang Jhawar

Profile Image

CA Bajrang Jhawar (Expert)
17 October 2014 In Accounting it can be shown under the head " Festival Celebration"

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries



Trending Online Classes

view all classess
CCI Pro


Answer Query



Quick Links