Expenses not specifically being allowed under any of sections 30 to 36 and incurred for the purpose of business or profession are allowable as per section 37(1) of the Act. The following expenses are allowable under this
CS Executive · Tax Laws and Practice · PYQS · June 2018
Expenses not specifically being allowed under any of sections 30 to 36 and incurred for the purpose of business or profession are allowable as per section 37(1) of the Act. The following expenses are allowable under this section: (i) Expenditure on issue of share capital (ii) Expenses for the installation of new telephone (iii) Annual listing fees paid to stock exchange (iv) Loss caused by robbery or dacoity incidental to business
Answer & Explanation:
Correct Answer: Option (B)
Official answer key: (B).
Topics: Income Tax
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