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nitinjain (accountant)     28 September 2019

Expense allocation

We have total expence 100000 Rs & income from.
1.INTEREST 300000
2.LTCG 10% TAX 400000
3.STCG 15% TAX 200000
4 DIVIDEND 100000

HOW MUCH expenses will disallowed as per income tax act


 3 Replies

Kapadia Pravin

Kapadia Pravin   28 September 2019

What type of expenses you are talking about ?
nitinjain

nitinjain (accountant)     01 October 2019

Common expenses like salary
prasad  Nilugal

prasad Nilugal (Sr . Accountant and GST Practitioner . )     01 October 2019

please  refer  section 30 to 43D  of the income tax act 1961  . 

Also  any expense  only   and only  for business  purpose  is allowed  as an expenditure  by the Income tax act   (    capital  expenditure  & personal  expenditure are not allowed ) .

Any such expenditure incurred for  the purpose which is an offence or which is prohibited by law , shall not be incurred for the purpose of Business or profession shall  not allowed .


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