Allowability of expenses in business & profession

This query is : Resolved

CA Student (Querist)
Follow

13 February 2015 Have query relating to PGBP(Busn & Profn)

1) Wether any deposit is allowed as expenses such as TELEPHONE OYT DEPOSIT/or any rent deposit.

2) In case of Receipts & Payment method wether Closing stock needs to be added.

Thanks in advance,

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

13 February 2015 1. no as this is not exp but advance which is refundable.

2.no

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

13 February 2015 The following deposits are allowed as business expenditure u/s 37(1) of the Income tax Act,1961.

1. OYT Deposit. CBDT letter F. No. 204/70/75-IT(All) DT 10.5.1976.

2.Tatkal Telephone Deposit. CBDT Circular 671 dt.27.10.1993.

3.Telex Deposit. CBDT Circular 420 dt.4.6.1985.

Message likes : 1 times

CA Student

CA Student (Querist)
Follow

13 February 2015 Thank you For clearing my doubt regarding deposits,

whether Closing stock has to be added in receipts & payments methods.

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

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

eddanapudi murali

ACCFIN SOLUTIONS

Amit Singh

K.M. AGGARWAL

Vinod Dharwarkar

Subscribe Now

Allowability of expenses in business & profession

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

Article Assistant

CA Final

GST CONSULTANCY

Accountant