Residuary business expenses applicability

Expenses can only be allowed as deduction if all these are related to and for carry out of business/profession.

expense can be allowed as deduction

Residuary Business Expenses shall be allowable as deduction.These category of expenses are covered in Section 37 and are only admissible as deduction only when:

These Expenses are not covered in the nature described in Sec 30 to Sec 36.They are incurred for the purpose of business/profession carried out by the assessee,These are incurred by the assessee in the financial year,These are neither in the nature of personal expenses nor capital expenses,These have been incurred when business was set up and are being laid out wholly and exclusively for the purpose of business.

Residuary Business Expenses shall be allowable as deduction.These category of expenses are covered in Section 37 and are only admissible as deduction only when:

These Expenses are not covered in the nature described in Sec 30 to Sec 36.They are incurred for the purpose of business/profession carried out by the assessee,These are incurred by the assessee in the financial year,These are neither in the nature of personal expenses nor capital expenses,These have been incurred when business was set up and are being laid out wholly and exclusively for the purpose of business.