Section 14A
This query is : Resolved
31 August 2009
Explain the provision of section 14A of I.T.Act, 1961 & in which condition this would be applicable?
31 August 2009
No deduction shall be allowed in respect of expenditure incurred by the assessee in relation to exempted income. For example- dividend income is exempt and if assesee claims certain expenses against other taxable income, by virtue of this section proportionate expenditure can be deemed as if incurred for the purpose of earning the exempted income and thus liable to be disallowed. If you will refer Rule 8, you may get the whole idea.
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