Discuss the deductibility or otherwise of the following expenditure incurred by Sumit Agro Industries, while computing its business income for the year ended 31.03.2017. Tax on non-monetary perquisites provided to the em
CS Professional · Advanced Tax Laws and Practice · PYQS · December 2017
Discuss the deductibility or otherwise of the following expenditure incurred by Sumit Agro Industries, while computing its business income for the year ended 31.03.2017. Tax on non-monetary perquisites provided to the employees and borne by the employers of ₹4,50,000.
Answer & Explanation:
The tax of ₹4,50,000 borne by employer on non-monetary perquisites provided to the employees is disallowed under section 40(a)(v).
Topics: Income Tax Act, 1961
Related Questions in this Topic
- Explain meaning of Reverse Merger. List down the benefits available in it.
- A Ltd. has some plant and machinery in a block of assets whose written down value on 1st April, 2020 was ₹50,00,000. The...
- Sangeeth acquired a house property for ₹2,00,000 on 10th June, 1976. He incurred the following expenses to make some add...
- Incomes earned during a previous year are always taxable in the assessment year. Do you agree? Explain with reasons.
- From the following information given by Duke Ltd., for the Previous Year 2020-21, compute the tax payable by it for the ...