RAMESH (Expert) (93 Points)
17 March 2011
Dear All,
During the Asst. year 2010-2011 We have earned Dividend income from Mutual funds which is exempted u/s 10 (34) and we don't have no other business income. During the year we have incurred admn exp, can we show the admin expenses as loss, if we file the return within the due date.
Thanks &
Regards
Pankaj Arora
(Learner)
(3134 Points)
Replied 17 March 2011
no... dear you can not show admin expneses as loss....
NANDINI MASAND
(learner )
(330 Points)
Replied 17 March 2011
you can not show your expenses as loss .
Ajay vaghasiya
(Article Assistant)
(55 Points)
Replied 17 March 2011
dear rames ,
as per my knld and Experience if you not get any income other than dividend which exempt then u can't show your expenses as loss , but if you incurred such expenses for other than exempt income than you can show your expenses as your business loss.
two cases...
If the admin exp.. incurred are in relation to the exmpt income (Section 10(34) .. in this case ), then they cannot be shown as a loss...
In the other hand, if they are incurred for other purpose related to business.. then loss can be claimed...
<<suggestions, clarifications welcome>>>
Unmesh Parab
(CA Final Student)
(59 Points)
Replied 17 March 2011
| Originally posted by : RAMESH | ||
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Dear Friend,
Kindly note that Dividend From Mutual Funds is exempt u/s 10(35).
Dividend from Domestic co is exempt u/s10 (34). Also note that Expense in respect of exempt income can not be claimed. refer Section 14A
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