Expenses Expressly Allowed As Deduction under B/P

        Expenses Expressly Allowed As Deduction under B/P

S.NO	Section	Head
1	Sec30	Rent ,rates,taxes,repairs,& insurance for building
2	Sec31	Repairs,& insurance for Plant & furniture
3	Sec32	Depreciation & additional Depreciation
4	Sec32A	Investment Allowance
5	Sec33A	Development Allowance
6	Sec33AB	Tea/Coffee/Rubber development Account
7	Sec33ABA	Site Restoration fund
8	Sec33AC	Reserve for Shipping business
9	Sec35	Expenditure on scientific research
10	Sec35A	Expenditure on Acquisition of patent rights& copy rights
11	Sec35B	Expenditure on Know –how
12	Sec35ABB	Amortization of Telecom license
13	Sec35AC	Expenditure on eligible projects or scheme
14	Sec35AD	Specified business
15	Sec35CCA	Payment made to association  &Institutions for carrying out rural development program
16	Sec35D	Amortization  of preliminary expenses
17	Sec35DD	Amortization of Expenditure incurred in case of amalgamation or demerger
18	Sec35DDA	Amortization of Expenditure incurred in VRS
19	Sec35E	Amortization of Expenditure incurred on Prospecting for development of certain minerals
20	Sec36(1)(i)	Insurance premium on stocks &stores
21	Sec36(1)(ia)	Insurance premium paid by federal milk co operative society
22	Sec36(1)(ib)	Insurance premium on Health of employees
23	Sec36(1)(ii)	Bonus/commission to employees
24	Sec36(1)(iii)	Interest on Borrowed capital
25	----------	Discount on Zero coupon bonds
26	----------	Emp. contribution to RPF & APF(app. pension fund)
27	Sec36(1)(iva)	Emp. contribution to notified pension Scheme(As mentioned U/Sec 80CCD(w.e.f A.Y 2012-13)
28	Sec36(1)(v)	Emp. contribution to AGF(gratuity)
29	Sec36(1)(vi)	Write off allowance for animals
30	Sec36(1)(vii)	Bad Debts
31	Sec36(1)(viia)	P.B.T relating to rural branch of commercial bank
32	Sec36(1)(viii)	Transfer to Special reserve
33	Sec36(1)(ix)	Family Planning expend
34	Sec36(1)(x)	Contribution towards exchange Risk Admin Fund
35	Sec36(1)(xii)	Expend incurred by entities established under Statutory act
36	Sec36	BCTT (Banking Cash transaction Tax)
37	Sec36	STT (Securities Transaction Tax)
38	Sec36(1)(xii)	Contribution towards credit guarantee  trust fund
39	Sec37  2(B)	Advertisement expenditure
40	Sec37	General deductions
41	-----------	Some deductions r allowed for LIC agents if their commission income is Less than 60000 p.a

Amounts Disallowed

S.NO	Section	Head
1	Sec40 (a)(ib)	STT
2	---------------	FBT
3	Sec40 (a)(ii)	Income tax
4	Sec40 (a)(iia)	Wealth tax
5	Sec40 (a)(iii)	Salary payable outside India with out payment of TDS
6	Sec40 (a)(iv)	p.f payment without TDS
7	Sec40 (a)(v)	Tax on perquisite paid by Employer
8	Sec40 (A)(z)	Payment made to persons specified  U/sec 40(A)(Z)
9	Sec 40 (A)(3)	Payment made in excess of 20,000/- in cash
10	Sec40(A)(7)	Provision for payment of gratuity
11	Sec40(A)(9)	Contribution to non statutory funds
12	Sec43B	Unpaid Statutory liability

  

Deemed Profits

S.NO	Section	Head
1	Sec41(1)	Recovery against deduction
2	Sec 41(2)	Balancing charge
3	Sec41 (3)	Sale of asset used for scientific reseaech
4	Sec41(4)	Recovery bad debts
5	Sec41 (4A)	Amount withdrawn frm Special reserve
6		Recovery  after discontinuance of business

Other Provisions

S.NO	Section	Head
1	Sec44 AA	Maintenance of accounts
2	Sec 44 AB	Tax  Audit
3	Sec44 AD	Computing of income on  presumptive basis(any business other than below)
4	Sec44 AE	Computing of income on presumptive basis in case of business of plying, leasing or hiring trucks
5	Sec44 AF	Computing of income on presumptive basis in case of retail business