14 A rule 8D

Total disallowance in 14A is direct expenses incurred toward such income and 1% of the average annual monthly investment.

1% of Annual average of montly avaerage

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Under Rule 14A---

The expenditure in relation to income which does not form part of the total income shall be the aggregate of following amounts, namely:—

(i) the amount of expenditure directly relating to income which does not form part of total income; and(ii) an amount equal to one per cent of the annual average of the monthly average of the opening and closing balances of the value of investment, income from which does not or shall not form part of total income :

Provided that the amount referred to in clause (i) and clause (ii) shall not exceed the total expenditure claimed by the assessee.