Inadmissible Expenses

Wednesday, December 11, 2013

Inadmissible Expenses

                     The following expenses have been declared as inadmissible expenses;
1)any case,rate or tax levied on profits or as proportion of profits;
2)Salaries paid without deduction of tax;
3)Interest,salary, commission or remuneration paid to partners of a firm;
4)Interest , salary etc .paid to members of an association;
5)Brokerage or commission paid to non - residents if tax has not been deducted;
6)Any payment to a provident fund or other fund established for the benefit of employees unless the employer has made effective arrangements to secure that tax shall be deducted at source from any payment made from the fund which is taxable under head salaries;
7)Any allowances on account of perquistes or other benefits to employees that exceed 30% of salary of the employee;
8)Any allowance in respect expenditure on entertainment as may be prescribed under sec . 10(4)(e).:-----

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