06/02/2019
General deductions [Sec. 37] :-
Any expenditure not specifically covered by sections 30 to 36 is deductible under section 37, provided the following conditions are satisfied :-
a. it should be in respect of a business carried on by the assessee;
b. it should have been laid out or expended wholly and exclusively for the purpose of the business;
c. it must have been incurred during the previous year;
d. it should not be in the nature of capital expenditute or personal expenditure of the assessee; and
e. the expenditure should not have been incurred for any purpose which is an offence or is prohibited by any law.
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