Deduction under p and l

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404 Points Posted on 11 July 2020
Whether any paid for renewal of a certificate , be deducted under p and l?
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On 11 July 2020 at 11:53 Report
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This discussion clarifies whether the cost of renewing business certificates can be deducted in your Profit and Loss account. Generally, renewals essential for business operations are deductible. However, if a renewal is considered a penalty, it may not be allowable for tax audit purposes. Always consider the specific purpose of the renewal when claiming deductions.

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8 Points Posted on 11 July 2020
For ex : Pawn broking business have to renewal certificate for every year then we show it in Profit and loss A/c cuz, For Business run he have to renewal the certificate so , better check for what purpose ur doing renewal and claim deduction, Deduction apply only for business purpose renewal.
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On 11 July 2020 at 13:48
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203 Points Posted on 11 July 2020
If payment paid for renewal as a penalty then its not allowable as a deduction for tax audit purpose
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On 11 July 2020 at 15:47

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