One-third of business expenditure qualifies as allowable deduction for income calculation, deemed wholly and exclusively for business.

One-third of business expenditure qualifies as allowable deduction for income calculation, deemed wholly and exclusively for business. https://www.taxtmi.com/highlights?id=14797 Regarding allow-ability of 1/3 of the total expenditure - Once a finding of fact has been recorded that the expenditure is of revenue nature and has been spent wholly and exclusively for the purposes of the business, the same is allowable expenditure and has to be deducted while computing the total income - HC en-us Sat, 28 Sep 2013 11:32:13 +0530 Sat, 28 Sep 2013 11:32:13 +0530 TaxTMI RSS Generator One-third of business expenditure qualifies as allowable deduction for income calculation, deemed wholly and exclusively for business. https://www.taxtmi.com/highlights?id=14797 Regarding allow-ability of 1/3 of the total expenditure - Once a finding of fact has been recorded that the expenditure is of revenue nature and has been spent wholly and exclusively for the purposes of the business, the same is allowable expenditure and has to be deducted while computing the total income - HC Highlights Income Tax Sat, 28 Sep 2013 11:32:13 +0530 https://www.taxtmi.com/highlights?id=14797