Income Tax Query
1. Under the head "Income from business and profession", allowances laid down under sections 30 to 37 are cumulative and not alternative. i.e., admissibility under the residual section 37 cannot be denied unless the particular section prohibits any allowance under other provision.
Can I get few examples of such expenses?
2. Section 14A does not cover a case where expenditure is in respect of invisible business which yields taxable as well as exempt income. As a result full expense in relation to invisible business is allowable even if part of the income is exempt.
Can I get few examples of such invisible business?
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