Exempt income
This query is : Resolved
08 November 2012
Can we claim expences in respect of Exempt Income???
08 November 2012
Please clarify more.
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
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