Can anybody clarify the difference between the Expenses and Expenditures.
Menu
Diff. b/w Exp. & Expdt.
Replies (3)
| Originally posted by :Jignesh | ||
| " | Hi friends. Have a query on calculating Total Tax. Assume my Salary Income is 5 lac and TDS is deducted every month. Also for the year I also made a LOSS by sale of shares say 1 lac. How is total tax calculated in this case? a) Is my year income taken as 4 lac or 5 lac b) Do i get a refund if income is calculated as 4 lac c) If not what happens to the LOSS i made ? Please advice |
" |
Ur Business?Capital loss can't be set off againts Salary Income it shud C/F for few years....
| Originally posted by :PiyushAgrawal | ||
| " | Originally posted by :Jignesh " Hi friends. Have a query on calculating Total Tax. Assume my Salary Income is 5 lac and TDS is deducted every month. Also for the year I also made a LOSS by sale of shares say 1 lac. How is total tax calculated in this case? a) Is my year income taken as 4 lac or 5 lac b) Do i get a refund if income is calculated as 4 lac c) If not what happens to the LOSS i made ? Please advice " Ur Business?Capital loss can't be set off againts Salary Income it shud C/F for few years.... |
" |
Business loss cannot be set off against salary income. Capital loss cannot be set off from any other head of income. Tax will be calculated on 5 Lac.
i think expense means the beneit will lapse within/in a a/cing year..... i.e revenue.........expenditure means the benefit will exist even after one year.......I.E CAPITAL NATURE
for eg...purchase of asset is expenditure and its depreciation is an expense........ pls get this clarified with CA SIRS
Recent Topics :
- GIFT REGARDING
- TDS on salary to non resident managing director
- Ewaybill and Transport documents (Lorry receipt)
- LTCG on sale of Builder Buyer Agreement
- Rule 13(2)(h) and valuation of CCDs
- Leave encashment, New labour code, Management cadr
- GST clarification needed:
- TDS processed with short deduction default
- TDS on rent paid to RNOR Landlord. Can RNOR US tax
- PAN CANCELLATION OF A DISSOLVED PARTNERSHIP FIRM
Related Topics :
CAclubindia
