*** *** ALLOW ABILITY OF EXPENDITURE (SECTION 37) 1. Conditions for allow ability of expenditure: There should be an expenditure of revenue nature incurred during the previous year. The expenditure should not be Capital in nature. It should be incurred in connection with business or profession carried on by the assessee. It should have been […]
Read MoreCondition: The building should be used for the purpose of business or profession during the relevant previous year. Deduction: The following expenses are allowed as deduction- Rent paid as tenant. Current repair expenses towards the premises. Land Revenue or local rates or municipal taxes. Insurance premium paid in respect of damage or destruction of the […]
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Condition: The building should be used for the purpose of business or profession during the relevant previous year. Deduction: The following expenses are allowed as deduction- Rent paid as tenant. Current repair expenses towards the premises. Land Revenue or local rates or municipal taxes. Insurance premium paid in respect of damage or destruction of the […]
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