Expenditure related to exempt income barred from deduction, thus excluded when computing taxable income under the Act. No deduction is permitted for expenditure incurred in relation to income that is not includible in the taxpayer's total income; expenditures connected ... Summary
Expenditure related to exempt income barred from deduction, thus excluded when computing taxable income under the Act.
No deduction is permitted for expenditure incurred in relation to income that is not includible in the taxpayer's total income; expenditures connected with exempt or otherwise non taxable receipts shall be disallowed for the purpose of computing total income under the Act.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
Join Channel
TaxTMI 
