Question

What deduction are allowed to a businessman in computing profits. Specify the expenses disallowed?

Answer 1

Answer:

Expenses disallowed to a businessman in computing profits

While computing the profit and gains from business or profession, there are certain expenditures which are disallowed. This means that the income tax department does not allow the benefit of such expenditures and the assesses are required to pay taxes on such expenditures by adding it back to the net profits.

Explanation:

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