The Law and Practice of Income Tax

Business Expenditure means a cost relating to the operations of an accounting period or to the revenue earned during the period or the benefits of which do not extend beyond the period. This book on Business Expenditure provides a comprehensive discussion on allowable business expenditures from the business income which is to be computed under the head Profits and Gains of Business and Profession (PGBP) of the Income Tax Act, 1961. Since this area is prone to litigation due to complex legal structure, this book accentuates a brief discussion on more than 10,000 rulings of the Supreme Court, High Courts and Tribunals, which are cached in over 5,000 headings. It is a must to effectively plan business expenditures in line with the provisions of Income Tax Act. Key Highlights • The 2016 edition has been thoroughly revised and restructured in line with the amendments as made by Finance Act 2016 and earlier Finance Acts • Embodies discussion at length on cases decided by Supreme Court, High Courts and various branches of Income Tax Appellate Tribunal, such as Single-Member Bench, Three-Member Bench and Special Bench • Each chapter incorporates a synopsis which provides an overview of the chapter by way of listing out the headings of cases and all relevant source materials referred to in the commentary – sections, rules, circulars, notifications and allied Acts • Incorporates relevant legal text of Income Tax law or allied laws through the annexures to provide better understanding of rulings • Relevant extracts of Income-tax Rules, 1962, Payment of Bonus Act, 1965, Payment of Gratuity Act, 1972 and Employees Provident Fund and Miscellaneous Provisions Act, 1952, have also been included in the Appendices for easy reference • With new and innovative structure, useful navigation tools, relevant reference material and exhaustive subject-index, this valuable commentary provides complete and essential information on the topic for tax professionals across all sectors