Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram

TMI Blog

Home

Calculation of percentage limits of entertainment expenditure under section 37(2A) - Modification to para 24.2 of Circular No. 202, dated 5-7-1976

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 976 1. Attention is invited to para 24.2 of the Explanatory Notes on the provisions relating to direct taxes in the Finance Act, 1976. The second sentence in the said paragraph reads as under : "The percentage limits will, however, be calculated with reference to the quantum of profits and gains of the business or profession as reduced by not only development rebate, development allowance a .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

 

 

 

 

Quick Updates:Latest Updates