Exempt income
This query is : Resolved
CA Sunil Kumar Jain
(Querist)
08 November 2012
Can we claim expences in respect of Exempt Income???
Sunny Sonwal
(Expert)
08 November 2012
Please clarify more.
CA. Sunil Kumar
(Expert)
08 November 2012
Section 14A
Expenditure incurred in relation to income not includible in total income
For the purposes of computing the total income under this Chapter, no deduction shall be allowed in respect of expenditure incurred
by the assessee in relation to income which does not form part of the total income under this Act
From above it is clear that Expenditure not allowed for Income which does not form part of total income under Income Tax Act
Expenditure incurred in relation to income not includible in total income
For the purposes of computing the total income under this Chapter, no deduction shall be allowed in respect of expenditure incurred
by the assessee in relation to income which does not form part of the total income under this Act
From above it is clear that Expenditure not allowed for Income which does not form part of total income under Income Tax Act
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Issuing of delivery challan by seller of goods
- Nursery business
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
