CORPORATE AND PROFESSIONAL UPDATE JANUARY 10,2016
CORPORATE & PROFESSIONAL UPDATE JANUARY10,2016 INCOME TAX ACT SECTION 24 INCOME FROM HOUSE PROPERTY – DEDUCTIONS Interest : Interest on loan, which was taken subsequent to purchase of property, cannot be allowed as deduction under section 24(b). SECTION 37(1) BUSINESS EXPENDITURE – ALLOWABILITY OF SAME BUSINESS Expenditure incurred by assessee, engaged in manufacturing of ice-creams, …