Business & profession
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 March 2014
Please tell me in detail about the Section 37 of the Income Tax Act, 1961.
03 March 2014
Section 37 is a GENERAL section which provides deduction in respect of expenditure for business purpose. However, ALL the following conditions need to be fulfilled to claim the deduction:
1. It should NOT be a capital expenditure.
2. It should NOT be a personal expenditure.
3. It should be incurred WHOLLY and EXCLUSIVELY for for business. (Even if it is partly for business and partly for personal it will NOT be allowed as deduction.)
1. It should NOT be a capital expenditure.
2. It should NOT be a personal expenditure.
3. It should be incurred WHOLLY and EXCLUSIVELY for for business. (Even if it is partly for business and partly for personal it will NOT be allowed as deduction.)
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