Deductions for Domestic Company
This query is : Resolved
26 September 2019
Hi.
A domestic company has the sole income of interest from FD / savings account.
Whether any expenses like professional fees, Misc exp, bank charges etc can be availed as deduction in computing the total income of the domestic company.
Please advice
Thanks in advance
A domestic company has the sole income of interest from FD / savings account.
Whether any expenses like professional fees, Misc exp, bank charges etc can be availed as deduction in computing the total income of the domestic company.
Please advice
Thanks in advance
26 September 2019
Yes, those expenses can be shown in P & L account of the company to arrive at net profit which is only taxable.
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