Volume 1: 

A Comprehensive Legal Commentary on Law relating to Business Expenditure, Business deductions, Business losses & Business disallowances

Some of the important topics covered in this Commentary are as follows:

• Basic Conditions Pertaining To Business Deductions/Losses & Business Disallowances
• Conditions for deductions under section 28
• Conditions for deductions under sections 30 to 36
• Conditions for deductions under section 37(1)
• Relevance of commercial accounting principles (CAP)
• Meaning of Expenditure, reserve, provision, fund, loss and the real income theory
• Business disallowances as per general and specific provisions

Specific Conditions Pertaining To Business Deductions And Disallowances

• Expenditure before setting up or after closure of business
• Expenditure should be only for the purpose of Business & Profession
• Capital expenditure is generally not allowable
• Expenditure should not be covered by sections 30 to 36
• Personal expenses and excessive payments to specified persons
• Profit sharing is not expenditure
• Can Expenditure be deferred?
• Expenditure relating to non-taxable incomes is not allowable
• Payments opposed to public policy are not allowable
• disallowance of payments exceeding Rs.20,000
• Burden of proof on assessee and the department
• Mixed expenditure can be apportioned
• Requirement of account books and estimation of profits

  Year Of Deductibility

• Payment basis under section 43B
• When payments require deduction of tax at source (TDS)
• Method of accounting
• Accrual of liabilities
• Relevance of principle of matching
• Quantum of deduction
• Relevance of accounting entries
• Manner and method of making claims

Special Provisions - Mode Of Computation

• Illegal business/activities
• Long-term contracts as civil construction, etc.
• Film producers and film distributors
• Trade, professional association, etc.
• Insurance companies
• Royalty income in case of non-residents under section 44DA

 Presumptive Basis Of Computation

•  Civil contractor under section 44AD
• Plying, hiring or leasing of goods carriage under section 44AE
• Retail business under section 44AF
• Non-resident's shipping business under section 44B
• Exploration, etc., of mineral oils under section 44BB
• Operation of aircraft in case of non-residents under section 44BBA
• Foreign companies engaged in certain turnkey projects under section 44BBB
• Head office expenditure of non-resident

 Assessee Based Deduction

•  HUF
• AOP AND BOI
• Partnership
• Companies

Fringe Benefit Tax V. Business Deductions

Volume 2:

• A Comprehensive Ready Reckoner of Business Expenditure/Deductions with special reference to Fringe Benefit Tax provisions
• The main focus of this Ready Reckoner is on:
• What expenditure are allowable and when
• What losses are allowable and when
• What allowances are allowable and when
• Some of the important topics covered in this Ready Reckoner are as follows:
• Amalgamation or demerger expenditure
• Bad debts
• Bonus
• Commission payments
• Compensation and damages
• Conveyance, tour, travel & foreign travel (including expenditure on motor car and aircraft)
• Currency exchange loss
• Direct taxes and related payments
• Donations/Contributions
• Education and training expenditure (including higher education)
• Employees' retirement or termination expenditures
• Employees' salary and remuneration payments
• Employees' welfare expenditure
• Entertainment and Hospitality
• Expenses to save or maintain business/business assets/reputation
• Festival expenses [including temple and puja expenditure]
• Financing expenditure
• Funds contribution
• Gifts
• Goodwill, payments for
• Guarantees
• Hotel, boarding and lodging expenditure
• Insurance payments
• Interest payments
• Know-how and royalty
• Lease-Mines
• Litigation expenditure
• Loans and Advances
• Medical expenditure
• Money lender
• Penalty and interest - Statutory/contractual
• Raw material - Payments for Raw Material/stock-in-trade
• Rent and hiring expenditure
• Repairs and renovation expenditure
• Road, expenditure for
• Sale/transfer of assets or land
• Sales promotion, publicity & conference expenditure
• Set off & carry forward of losses
• Shares or Securities
• Shifting expenditure
• Stamp duty payment
• Statutory Liabilities, payments for
• Stock losses
• Telephone expenditure
• Theft or embezzlement
• Warding off competition, payments for