Deduction
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 December 2011
Dear Experts,
Is amount paid for sponsorship of Sports by Individual, is eligible for deduction under any section??
Please advice..
Is amount paid for sponsorship of Sports by Individual, is eligible for deduction under any section??
Please advice..
CA PARAS BAFNA
(Expert)
07 December 2011
It depends upon the fact -whether the Individual has paid the amount for getting benefits in his business.
If he can prove that the expenditure has been incurred wholly and exclusively for the purpose of his business , he may get deduction as an expense. However, Persons not engaged in the business, can not claim expenditure.
If he can prove that the expenditure has been incurred wholly and exclusively for the purpose of his business , he may get deduction as an expense. However, Persons not engaged in the business, can not claim expenditure.
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