Deduction of purchase

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Querist : Anonymous

Querist : Anonymous (Querist)

15 March 2017 Dear Experts,
Purchase is deductable in income tax. Pls clarify :- under which rule/section

Regds
Anshul

CA Shubhanshu Jain

CA Shubhanshu Jain (Expert)

15 March 2017 Deductions not mentioned specifically under income tax are allowed under section 37 which deals with general deduction related to business, few conditions to be satisfied like expense should not be personal in nature, expense should not be of capital nature.

Querist : Anonymous

Querist : Anonymous (Querist)

15 March 2017 sir,
purchase is also deductible like Net sale/turnover 100000
Less purchase 90000
GP 10000/-

under which sec this purchase is deductible... is there any rule section or any circular for the same

CA Shubhanshu Jain

CA Shubhanshu Jain (Expert)

15 March 2017 Purchase of Rs. 90000 in covered under section 37 of the income tax act

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