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TMI BlogDeduction for operating expenditureX X X X Extracts X X X X X X X X Extracts X X X X ..... e (a) of sub-section (1) shall be the amount of expenditure on, or on account of,- (i) purchase of raw material, stores, spares and consumables, or stock-in-trade; (ii) rent actually paid for any premises if it is occupied by the person and used by him; (iii) repairs to buildings if it is occupied and used by the person and the repairs are current in nature; (iv) land revenue, local rates or municipal taxes in respect of premises occupied and used by the person; (v) repair to, or replacement of parts of, machinery, plant or furniture used by the person, if the repair or replacement is current in nature; (vi) maintenance of computer software or hardware; (vii) salary or wages to employees; (viii) remuneration to any working participant to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , to a club or a trade association or the use of their facilities; (xxvii) festival celebration; (xxviii) salary to an employee engaged in, or on the purchase of material used in, scientific research and development, within three years immediately preceding the commencement of the business; (xxix) scientific research and development related to the business; (xxx) contribution by a person, being an employer, to an approved fund subject to such limits and conditions, as may be prescribed and to the extent the amount is actually paid; (xxxi) contribution to the employees account in any fund, referred to in clause (xvi) of sub-section (2) of section 31, to the extent,- (a) the amount has been received from his employees as their contribution to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i) tax, duty, cess, royalty or fee, by whatever name called, under any law for the time being in force, if the amount is actually paid; (xxxviii) bonus or commission to employees for services rendered if- (a) the amount would not have been payable to employees as profits or dividends had it not been paid as bonus or commission; and (b) the amount is actually paid; (xxxix) encashment of leave to the credit of his employees, to the extent the amount is actually paid; and (xl) gratuity to his employees on their retirement or on termination of their employment, to the extent the amount is actually paid; (xli) the objects and purposes of a body corporate, authorised by the Central, State or Provincial Act under which it is constituted or establi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been transferred to the profit and loss account of the financial year; (e) trade debt or part thereof, if,- (i) the person is not a permitted financial institution; and (ii) the amount is written off as irrecoverable in the books of the person; (f) payment to a creditor, determined in accordance with the formula - A - (B + C) Where A = amount paid to the creditor during the financial year in discharge of existing or remitted liability which has been included in the total income by virtue of clause (xiii) of sub-section (2) of section 31; B = amount of liability outstanding in the account of the creditor at the beginning of the financial year; C = amount of liability added during the financial year in respect of the creditor; and the amount ..... X X X X Extracts X X X X X X X X Extracts X X X X
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