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.
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.
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- Capital gain from sale of house property
- TDS on Purchase of Immovable Property by NRI from NRI
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Stamp Paper for partnership firm change new income tax 2025
- SFT Cash Deposit in Current Account
- FORM 26A APPLICABILITY
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
