income tax, personal expenditure ?
This query is : Resolved
ATIT D SHAH
(Querist)
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 ?
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.
12 October 2008
Section 40 says it is to be disallowed.
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