Course of heiring
Querist : Anonymous
I would like to ask that generally how many types of expenses can be charges in Profit & Loss A/c and allowable under IT ACT 1961.
Thanking You, for your co-operation.
Capital and Revenue
Revenue expenditure is generally allowed as a deduction unless otherwise prohibhited.
Capital expenditure is generally NOT allowed as a deduction unless otherwise specifically allowed.
Querist : Anonymous
I would like to know that whether Interest received from KVP (Kisan Vikash Patra) is exempt from tax or not, is yes then which section it is defined.
Querist : Anonymous
thank you Sir.
Querist : Anonymous
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