Allowability of expenses in business & profession
This query is : Resolved
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,
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,
13 February 2015
1. no as this is not exp but advance which is refundable.
2.no
2.no
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.
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.
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13 February 2015
Thank you For clearing my doubt regarding deposits,
whether Closing stock has to be added in receipts & payments methods.
whether Closing stock has to be added in receipts & payments methods.
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