General Deductions – Section 37

Table of Contents

Any expenditure not covered by section 30 to 36 is deductible under section 37, subject to the following conditions

  • It should not be a capital expenditure
  • It should not be personal expenses of the assesse
  • It should be incurred wholly and exclusively for the purpose of business or profession
  • It should not be incurred for a purpose which is an offence or which is prohibited by law

Expenditure incurred by an assessee on advertisement in any souvenir, brochure, tract, pamphlet or the like published by a political party is not allowed as deduction. [Section 37(2B)]

Any expenditure incurred by an assessee on the activities relating to corporate social responsibility referred to in section 135 of the Companies Act, 2013 shall not be deemed to be an expenditure incurred by the assessee for the purposes of the business or profession. [Explanation 1 to Section 37(1) ]

Confused about complicated laws? Take our GST consultation services to get your issues solved from GST experts. Click here to know more.

Read More Articles

Section 44ADA – Presumptive Taxation Scheme for Professionals

From financial year 2016-17, a new Section 44ADA is introduced for presumptive income for professionals. This section is similar to section 44AD for traders. Under this section professionals such as legal, medical, engineering, architect, accountancy, technical consultancy, interior decoration or any

Read Article »

Registration Under GST

Topic Covered in this Article Persons required to register compulsorily Documents Required for Registration Fees for Registration Voluntary Registration Time Limit for Registration Effective Date of Registration Requirements for Registration Can a person take more than one GSTIN Things that

Read Article »

GST on Import

Article 269A of constitution mandates that import of goods or services in India is considered as Inter-state trade. Therefore, import of goods or services is considered as interstate supply and is liable for payment of IGST. IGST on the import

Read Article »

Subscribe

We will send updates relating to GST only

(No spam, you can unsubscribe anytime)