DISALLOWANCE OF AN EXPENSE
This query is : Resolved
31 July 2010
EXPENSES PAID AGAINST EXEMPTED INCOME IS ALLOWABLE AS EXPENDITURE? IF YES THAN TO WHAT EXTENT?
31 July 2010
no any expenses related with exempted income will be disallowed.
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31 July 2010
YA BUT 2 SOME EXTENT IT IS ALLOWABLE THAT I WANT 2 KNOW
31 July 2010
if you are able to allocate then its o.k. otherwise proportionately.
31 July 2010
BT HW 2 CALCULATE IT?
31 July 2010
no expenses relating to any exempted income can be claimed as expenditure.. everthing wil be disallowed
31 July 2010
yes if exp is exclusively for the purpose of exempted income then same will be disallowed. but for both, then proportionately disallowed.
19 May 2012
wait...its not a case of dis-allowance of exempt income..... by mistake dividend income shown as taxable income at the time of filing the return. its a computation error, against which department raised a demand.
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