Section 14a rule 8d
This query is : Resolved
jagdish vala
(Querist)
23 January 2013
Whether disallowance U/s 14A Rule 8D needs to be made when dividend income earned by purchasing and selling mutual funds during the year and there is no investment on the Last day and first Day of the Previous year.
CA PARAS BAFNA
(Expert)
23 January 2013
Rule 8D can not be applied as the Dividend Income earned by the assessee was incidental to the trading asset he held.
.
The only disallowance which can be made in in such a case is direct expenditure incurred for receiving the dividends otherwise, by applying the Formula AXB/C or HALF% The result Zero shows that no expenditure has been incurred for earning exempt income.
.
The only disallowance which can be made in in such a case is direct expenditure incurred for receiving the dividends otherwise, by applying the Formula AXB/C or HALF% The result Zero shows that no expenditure has been incurred for earning exempt income.
jagdish vala
(Querist)
24 January 2013
Thanks a lot Paras Sir......
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