Question

What are the deduction expressly allowed while computing profit of business or profession?

Answer 1

Answer:

Any machinery or plant the whole of the actual cost of which is allowed as a deduction. (Wheather by way of depreciation or otherwise)in computing the income chargeable under the head profits and gains of business profession of any one previous year.

Answer 2

Answer:

Explanation:

It should not have been incurred for any purpose which is an offence or prohibited by any law. SPECIFIC DISALLOWANCES: The following expenses given by sections 40, 40A and 43B are expressly disallowed by the Act while computing income chargeable under the head “Profits and gains of business or profession”.