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Please Help: Expenses claim allowed

Posted Date : 12-Nov-2022 , 03:00:08 pm | Posted By: Kollipara Sundaraiah

Category : Income Tax | Answers : 0| Comments : 2| Hits: 787

It assessess income from partnership firm remenuration and interest income received.if assessess car expenses,car depreciation,salary paid to accountant, cellphone expenses claim against above income accepted in it act.

Comments
Posted By : Aniruddh Barve 14-Dec-2022, 11:37:32
If the expense are pertaining to earning such remuneration and interest, it can be allowed. However in this case it is clear that such expense are not in connection to earning remuneration form partnership firm. Hence it will not be allowed. However they can be directly taken as expenses in firm's books if they are in connection with business of firm. Certain percentage of such expense can be disallowed during tax audit to the extent it is used for personal purpose.
 
Posted By : Kendall Smith 08-Dec-2022, 01:21:35
Thank God they are now allowing to claim. I work at a designing firm that ships custom embroidered badges worldwide. We offer free outwork for a wide range of services designing patches and badges. As I am handling logistics, the recent update in the laws has really impacted me in an affirmative manner.
 

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