DISALLOWANCE OF AN EXPENSE

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Vivek Agarwal

Vivek Agarwal (Querist)
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31 July 2010 EXPENSES PAID AGAINST EXEMPTED INCOME IS ALLOWABLE AS EXPENDITURE? IF YES THAN TO WHAT EXTENT?

CA Sanat Pyne

CA Sanat Pyne (Expert)
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31 July 2010 no any expenses related with exempted income will be disallowed.

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Vivek Agarwal

Vivek Agarwal (Querist)
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31 July 2010 YA BUT 2 SOME EXTENT IT IS ALLOWABLE THAT I WANT 2 KNOW

CA Sanat Pyne

CA Sanat Pyne (Expert)
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31 July 2010 if you are able to allocate then its o.k. otherwise proportionately.

Vivek Agarwal

Vivek Agarwal (Querist)
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31 July 2010 BT HW 2 CALCULATE IT?

srinath

srinath (Expert)
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31 July 2010 no expenses relating to any exempted income can be claimed as expenditure.. everthing wil be disallowed

CA Sanat Pyne

CA Sanat Pyne (Expert)
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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.

Vivek Agarwal

Vivek Agarwal (Querist)
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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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