Amir (Learner) 29 March 2010
If expenses are ligitimate and genuine and are incurred for the purposes of business/profession then there is no cap/limit on them.
Ur attention is invited in case payments are made to the specified persons(like relatives, etc) as mentioned in Sec 40A(2) then AO can disallow to the extent it is unreasonable.
Sanjay Singh Rana (CA) 29 March 2010
Hi Drsrikant there is NO LIMIT given for the amount of rent ,power and fuel expenses that is shown in A-P&L of ITR4 for professionals and business,
only exp Which are not connected with business. are disallowed
bye take care