Sec 40a(3)
Shravani Bhusanam (8 Points)
21 September 2020
Does section 40a(3) is applicable to trust when the income is taxed under income from other source head
2 Replies
CA ABHAY GUPTA
(Practice)
(3235 Points)
Replied 21 September 2020
No, 40A(3) is applicable for business income
Vijay Prakash
(155 Points)
Replied 21 September 2020
This section provides the IT relates the profits or gains of any business or profession. The income from other sources relates to IT levied from Fixed deposits and others.
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