10-13-2004, 03:09 AM
hay friend
yes it is very clear in ordinance that any expense which is not allowed shall be added back to TAXABLE INCOME. As far as your question is concerned, the company having exempt income means the company has no taxable income, then disallowed expenses will not be added back having regard to the income of the company which is exempt.
If you think in general sense, what benefit will the income tax department take by adding back disallowed expense to an exempt income.
Obviously there will be no adding back of disallowed expenses to an exempt income.
yes it is very clear in ordinance that any expense which is not allowed shall be added back to TAXABLE INCOME. As far as your question is concerned, the company having exempt income means the company has no taxable income, then disallowed expenses will not be added back having regard to the income of the company which is exempt.
If you think in general sense, what benefit will the income tax department take by adding back disallowed expense to an exempt income.
Obviously there will be no adding back of disallowed expenses to an exempt income.
