80 IA IB IC ID

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student (Querist)
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14 May 2011 If a company claiming deduction u/s 80I SERIES of the Income Tax Act, 1961 & thereafter its making payments for expenses in excess of20,000 i.e. violating the provisions of section 40A (3) of the Income Tax Act than what was the effect on the tax of the company.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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16 May 2011 The company has to Pay tax on the amount disallowed as it can not be said as part of the profit of the eligible business under the respective 80I Series.

Only profit is deductible from GTI.

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