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Students Manual to General & Commercial Laws
Edition: 2005 Edition
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Volume 1:

A Comprehensive LegalCommentary on Law relating to Business Expenditure, Business deductions,Business losses & Business disallowances

Some of the important topicscovered in this Commentary are as follows:

  • Basic Conditions Pertaining ToBusiness Deductions/Losses & Business Disallowances
  • Conditions for deductionsunder section 28
  • Conditions for deductionsunder sections 3 to 36
  • Conditions for deductionsunder section 37(1)
  • Relevance of commercialaccounting principles (CAP)
  • Meaning of Expenditure,reserve, provision, fund, loss and the real income theory
  • Business disallowances as pergeneral and specific provisions
  • Specific ConditionsPertaining To Business Deductions And Disallowances

  • Expenditure before setting upor after closure of business
  • Expenditure should be only forthe purpose of Business & Profession
  • Capital expenditure isgenerally not allowable
  • Expenditure should not becovered by sections 3 to 36
  • Personal expenses andexcessive payments to specified persons
  • Profit sharing is notexpenditure
  • Can Expenditure be deferred?
  • Expenditure relating tonon-taxable incomes is not allowable
  • Payments opposed to publicpolicy are not allowable
  • disallowance of paymentsexceeding Rs.2,
  • Burden of proof on assesseeand the department
  • Mixed expenditure can beapportioned
  • Requirement of account booksand estimation of profits
  • Year Of Deductibility

  • Payment basis under section43B
  • When payments requirededuction of tax at source (TDS)
  • Method of accounting
  • Accrual of liabilities
  • Relevance of principle ofmatching
  • Quantum of deduction
  • Relevance of accounting entries
  • Manner and method of makingclaims
  • Special Provisions - ModeOf Computation

  • Illegal business/activities
  • Long-term contracts as civilconstruction, etc.
  • Film producers and filmdistributors
  • Trade, professionalassociation, etc.
  • Insurance companies
  • Royalty income in case ofnon-residents under section 44DA
  • Presumptive Basis OfComputation

  • Civil contractor under section44AD
  • Plying, hiring or leasing ofgoods carriage under section 44AE
  • Retail business under section44AF
  • Non-residents shippingbusiness under section 44B
  • Exploration, etc., of mineraloils under section 44BB
  • Operation of aircraft in caseof non-residents under section 44BBA
  • Foreign companies engaged incertain turnkey projects under section 44BBB
  • Head office expenditure ofnon-resident
  • Assessee Based Deduction

  • HUF
  • Partnership
  • Companies
  • Fringe Benefit Tax V. BusinessDeductions

    Volume 2:

  • A Comprehensive Ready Reckonerof Business Expenditure/Deductions with special reference to Fringe Benefit Taxprovisions
  • The main focus of this ReadyReckoner is on:
  • What expenditure are allowableand when
  • What losses are allowable andwhen
  • What allowances are allowableand when
  • Some of the important topicscovered in this Ready Reckoner are as follows:
  • Amalgamation or demergerexpenditure
  • Bad debts
  • Bonus
  • Commission payments
  • Compensation and damages
  • Conveyance, tour, travel &foreign travel (including expenditure on motor car and aircraft)
  • Currency exchange loss
  • Direct taxes and relatedpayments
  • Donations/Contributions
  • Education and trainingexpenditure (including higher education)
  • Employees retirement ortermination expenditures
  • Employees salary and remunerationpayments
  • Employees welfare expenditure
  • Entertainment and Hospitality
  • Expenses to save or maintainbusiness/business assets/reputation
  • Festival expenses [includingtemple and puja expenditure]
  • Financing expenditure
  • Funds contribution
  • Gifts
  • Goodwill, payments for
  • Guarantees
  • Hotel, boarding and lodgingexpenditure
  • Insurance payments
  • Interest payments
  • Know-how and royalty
  • Lease-Mines
  • Litigation expenditure
  • Loans and Advances
  • Medical expenditure
  • Money lender
  • Penalty and interest -Statutory/contractual
  • Raw material - Payments forRaw Material/stock-in-trade
  • Rent and hiring expenditure
  • Repairs and renovationexpenditure
  • Road, expenditure for
  • Sale/transfer of assets orland
  • Sales promotion, publicity& conference expenditure
  • Set off & carry forward oflosses
  • Shares or Securities
  • Shifting expenditure
  • Stamp duty payment
  • Statutory Liabilities,payments for
  • Stock losses
  • Telephone expenditure
  • Theft or embezzlement
  • Warding off competition,payments for

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    Guide to Food Safety and Standards  Act 2006
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    Legal and Business Writing in Plain English
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    Students Manual to General & Commercial Laws
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    The Practical Lawyer - PLW [Annual Subscription]
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