CLaim of Expenses related to Specific Fund While Computing the tax liability

pawan balwani (Querist) 07 August 2008 This query is : Resolved
Hello Sir,
Can anybody tell me that as we are having specific fund created in a co-operative society and the income on account of that fund is to be considered for tax liability ,can we claim the expenses incurred on that specific fund should be deducted as expenses for computation of tax liability,

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Guest (Expert) 08 August 2008
Definitely if you have maintained proper records for the expenditure and such expenditure is for expenses that are not prohibited by section 37 of Income Tax Act.

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