Is Professional Tax an allowable exps under the income from business or profession as per IT Act ?
Govind S Inani (Proprietor) 11 July 2010
Is Professional Tax an allowable exps under the income from business or profession as per IT Act ?
A V Vishal (Advocate) 11 July 2010
Yes it is an allowable expenditure if it is paid on the business name. If profession tax is paid on behalf of the partner/director by the business after deduction of the same from their remuneration then it is allowable to the individual.
Govind S Inani (Proprietor) 12 July 2010
Thank u very much sir for your prompt reply.
Can u please tell me under which section it is deductible?
Asha Pole (Legal) 28 July 2010
Under sec 37 (1) of the income tax act 1961
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