Expenses distribution raito
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 July 2012
Dear Experts Please Tell Me That What % Of Expenses are allowable under I.Tax Act 1961
If We Have a manufacturing Unit and Sale Amount Rs 35,00,000 & Purchase Amt Rs.32,00,000/ Then What amount of expenses are allowable under I Tax Act.1961
For Example
If We have sale of Rs 1,00,000 Then Freight Charges Up to Rs8500/-(8% of Sale Amount Are allowable)
1 Freight
2 Labour Charges
3 Business Promotion
4 Vehicle Running Expenses
5 Staff & Labour welfare
6 Travelling Expensess
7 Postage & telegrams
Pls Reply Me
Emal ID -nk96093@gmail.com
If We Have a manufacturing Unit and Sale Amount Rs 35,00,000 & Purchase Amt Rs.32,00,000/ Then What amount of expenses are allowable under I Tax Act.1961
For Example
If We have sale of Rs 1,00,000 Then Freight Charges Up to Rs8500/-(8% of Sale Amount Are allowable)
1 Freight
2 Labour Charges
3 Business Promotion
4 Vehicle Running Expenses
5 Staff & Labour welfare
6 Travelling Expensess
7 Postage & telegrams
Pls Reply Me
Emal ID -nk96093@gmail.com
07 July 2012
Dear Friend, There is no system of % allowance of expenses in Income Tax Act, 1961. All genuin expenses are allowed in the act.
CA Prashant Gupta
(Expert)
07 July 2012
Whatever actual expenses that you can prove will be allowable expenses.
Upto limit of tax audit i.e. 60 lacs for AY12-13 you have to declare profit more than 8%. otherwise you have to conduct audit.
Upto limit of tax audit i.e. 60 lacs for AY12-13 you have to declare profit more than 8%. otherwise you have to conduct audit.
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