Clause 32 - Deduction for business expenditure - Direct Taxes Code Bill, 2009

Deduction for business expenditure 32. (1) The amount of business expenditure referred to in section 30 shall be the aggregate of the amount of,- (a) the operating expenditure referred to in section 33, incurred by the person for the purposes of the business carried on during the financial year; (b) permitted finance charges referred to in section 34, incurred by the person for the purposes of the business carried on during the financial year; (c) capital allowances referred to in sections 35, in respect of the business carried on by the person during the financial year. (2) The provisions for deduction of capital allowances referred to in sub-section (1) shall apply, whether or not the person has claimed the deduction in computing the total income. (3) The Assessing Officer may restrict the amount of deduction under this section to such amount as he considers appropriate having regard to the use of the asset for the purposes of the business if such asset is not exclusively used for the purposes of the business.