Profits and Gains of Business or Profession
This query is : Resolved
06 December 2010
Whether direct expenses i.e. expenses incurred to earn that income such as purchase cost of materials, wages, other direct expenses are deductable u/s 37
OR
the income referred to in sec.28 is after deducting all Direct Expenses.
Please clarify.
Thanks in advance.
With regards
Sreekumar.N
Whether direct expenses i.e. expenses incurred to earn that income such as purchase cost of materials, wages, other direct expenses are deductable u/s 37
OR
the income referred to in sec.28 is after deducting all Direct Expenses.
Please clarify.
Thanks in advance.
With regards
Sreekumar.N
06 December 2010
Direct expenses i.e. expenses incurred to earn that income such as purchase cost of materials, wages, other direct expenses are deductable u/s 37. Expenses which are covered U/s 30-36 are claimed in the respective Sections.
Business Income as defined in Section 28 will be after deducting both direct as well as indirect business expenditures.
Business Income as defined in Section 28 will be after deducting both direct as well as indirect business expenditures.
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