Various types of expenses
This query is : Resolved
09 April 2016
sir,
I have to asked and question that there are various types of expenses in a company such as staffwelfare, Business promotion, conveyance, Tour and travelling,please tell me under which act of Income tax we take these expenses
Thanking U
Avik Banerjee
I have to asked and question that there are various types of expenses in a company such as staffwelfare, Business promotion, conveyance, Tour and travelling,please tell me under which act of Income tax we take these expenses
Thanking U
Avik Banerjee
09 April 2016
You meant saying under which section the above expenses are considered under income tax act. For allowances or disallowances of expenses you may refer to provisions of section 14A, 37, 40(a)(ia), 40A(3), 43B etc.
Importantly you need to make a distinction between a revenue expenditure and capital expenditure.
Importantly you need to make a distinction between a revenue expenditure and capital expenditure.
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