Pgbp effects
Hello
Plzzz explain me what does
Allowance & disallowance means?!?
What are the effect of same?!?
Thanks
Replies (1)
Allowance means that any expendture (also Loss) is allowed to be reduced from the Profit while computing Taxable profit ( Sec 30 to 38) Whereas Disallowance means that it will increase the profit by that amount if u have claimed it as expenditure and debited in the profit and loss account. ( Sec 40 and 40A deal with disallowance)
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