MANAGEMENT

Detailed explanation-1: -Section 33(1) provides that for the purposes of determining tax, a person’s (or business’) gross income shall be adjusted by deducting from that source, all outgoings and expenses wholly and exclusively incurred in the production of gross income1.

Detailed explanation-2: -5.3. 1 Subsection 33(2) of the ITA provides that if a person has borrowed money for purposes of business as well as for non-business purposes, the interest expense charged to the profit and loss account may not be allowed a full deduction.

Detailed explanation-3: -Section 80C of the Income Tax Act provides provisions for tax deductions on a number of payments, with both individuals and Hindu Undivided Families eligible for these deductions.

Detailed explanation-4: -Clause 33 Amounts admissible as per the provision of the Income-tax Act, 1961 and fulfils the conditions, if any, specified under the relevant provisions of Income-tax Act, 1961 or Income-tax Rules, 1962 or any other guidelines, circular, etc, issued in this behalf.