.....Examine, with reasons, the allowability of the following expenses under the Income-tax Act, 1961 while computing income from business or profession for the Assessment Year 2018-19: (i) Provision made on the basis of actuarial valuation for payment of gratuity ` 5,00,000. However, no payment on account of gratuity was made before due date of filing return. (ii) Purchase of oil seeds of ` 50,000 in cash from a farmer on a banking day. (iii) Tax on non-monetary perquisite provided to an employee ` 20,000. (iv) Payment of ` 50,000 by using credit card for fire insurance. (v) Salary payment of ` 2,00,000 outside India by a company without deduction of tax. (vi) Payment made in cash ` 30,000 to a transporter in a day for carriage of goods
Dec. 09, 2017
