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Provision of warranty is allowable expense if made on reasonable basis

Where assessee-company deputed software engineer abroad, who had to do testing, installations and monitoring of computer software supplied to clients outside India, expenditure in foreign currency would not be excluded in computing export turnover under section 80HHE

IT : Where assessee-company was maintaining proper accounting system for provision for warranty and computed warranty on scientific and reasonable basis, then provision for warranty was an allowable expenditure

IT : Sales tax and Excise duty cannot form part of total turnover under section 80HHC

IT : 90 per cent of net interest which was included in profit of business of assessee as computed under head 'profits and gains of business or profession' was to be deducted under section 80HHC for determining profits of business

IT : Where there was immediate nexus between income from export business and development work undertaken by assessee consideration received from foreign enterprise, for said development work was liable to be deducted under section 80HHC in computing profits of business

IT : Income generated from sale of scrap cannot be included in total turnover under section 80HHC

Banking Calculators GST

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