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 DisallowancesConditions for deductionsunder section 28Conditions for deductionsunder sections 3 to 36Conditions for deductionsunder section 37(1)Relevance of commercialaccounting principles (CAP)Meaning of Expenditure,reserve, provision, fund, loss and the real income theoryBusiness disallowances as pergeneral and specific provisionsSpecific ConditionsPertaining To Business Deductions And Disallowances
Expenditure before setting upor after closure of businessExpenditure should be only forthe purpose of Business & ProfessionCapital expenditure isgenerally not allowableExpenditure should not becovered by sections 3 to 36Personal expenses andexcessive payments to specified personsProfit sharing is notexpenditureCan Expenditure be deferred?Expenditure relating tonon-taxable incomes is not allowablePayments opposed to publicpolicy are not allowabledisallowance of paymentsexceeding Rs.2,Burden of proof on assesseeand the departmentMixed expenditure can beapportionedRequirement of account booksand estimation of profits Year Of Deductibility
Payment basis under section43BWhen payments requirededuction of tax at source (TDS)Method of accountingAccrual of liabilitiesRelevance of principle ofmatchingQuantum of deductionRelevance of accounting entriesManner and method of makingclaims Special Provisions - ModeOf Computation
Illegal business/activitiesLong-term contracts as civilconstruction, etc.Film producers and filmdistributorsTrade, professionalassociation, etc.Insurance companiesRoyalty income in case ofnon-residents under section 44DA Presumptive Basis OfComputation
Civil contractor under section44ADPlying, hiring or leasing ofgoods carriage under section 44AERetail business under section44AFNon-residents shippingbusiness under section 44BExploration, etc., of mineraloils under section 44BBOperation of aircraft in caseof non-residents under section 44BBAForeign companies engaged incertain turnkey projects under section 44BBBHead office expenditure ofnon-resident Assessee Based Deduction
HUFAOP AND BOIPartnership Companies Fringe Benefit Tax V. BusinessDeductions
Volume 2:
A Comprehensive Ready Reckonerof Business Expenditure/Deductions with special reference to Fringe Benefit TaxprovisionsThe main focus of this ReadyReckoner is on:What expenditure are allowableand whenWhat losses are allowable andwhenWhat allowances are allowableand when Some of the important topicscovered in this Ready Reckoner are as follows:Amalgamation or demergerexpenditureBad debtsBonusCommission paymentsCompensation and damagesConveyance, tour, travel &foreign travel (including expenditure on motor car and aircraft)Currency exchange lossDirect taxes and relatedpaymentsDonations/ContributionsEducation and trainingexpenditure (including higher education)Employees retirement ortermination expendituresEmployees salary and remunerationpaymentsEmployees welfare expenditureEntertainment and HospitalityExpenses to save or maintainbusiness/business assets/reputationFestival expenses [includingtemple and puja expenditure]Financing expenditureFunds contributionGiftsGoodwill, payments forGuaranteesHotel, boarding and lodgingexpenditureInsurance paymentsInterest paymentsKnow-how and royaltyLease-MinesLitigation expenditureLoans and AdvancesMedical expenditureMoney lenderPenalty and interest -Statutory/contractualRaw material - Payments forRaw Material/stock-in-tradeRent and hiring expenditureRepairs and renovationexpenditureRoad, expenditure forSale/transfer of assets orlandSales promotion, publicity& conference expenditureSet off & carry forward oflossesShares or SecuritiesShifting expenditureStamp duty paymentStatutory Liabilities,payments forStock lossesTelephone expenditureTheft or embezzlementWarding off competition,payments for