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income tax, personal expenditure ?

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ATIT D SHAH

ATIT D SHAH (Querist)
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11 October 2008 is income tax legally deductible for companies ? In real sense its not a personal expenditure of a company but its a personal expenditure of owners of companies, so is deductible for companies ?

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
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11 October 2008 Income Tax is not a personal expense but an expense which is specifically said to be a disallowable under the I.Tax Act.

Jitender (Expert)
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11 October 2008 it is not allowed u/s 40.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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12 October 2008 Section 40 says it is to be disallowed.

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