INCOME TAX SECTION 14A - Expenditure incurred in relation to income not includible in total income


Description

(1) For the purposes of computing the total income under this Chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under this Act.

(2) The Assessing Officer shall determine the amount of expenditure incurred in relation to such income which does not form part of the total income under this Act in accordance with such method as may be prescribed17, if the Assessing Officer, having regard to the accounts of the assessee, is not satisfied with the correctness of the claim of the assessee in respect of such expenditure in relation to income which does not form part of the total income under this Act.

(3) The provisions of sub-section (2) shall also apply in relation to a case where an assessee claims that no expenditure has been incurred by him in relation to income which does not form part of the total income under this Act :

Provided that nothing contained in this section shall empower the Assessing Officer either to reassess under section 147 or pass an order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under section 154, for any assessment year beginning on or before the 1st day of April, 2001.


Click here to read more from the Income Tax Act


Find the best lawyer for Income Tax Section 14A charges

Related Questions

In how much time is a bail / anticipatory bail granted?

If we apply for an anticipatory bail or a regular bail, in how much time can this be granted?…

Read More

How can I get bail in a non bailable offence?

I have been framed in a case by some people and the Police is saying that the charges against me are non bailable in nature. How can I get bail in a n…

Read More

How can I quash the FIR by compromise with the complainant?

I have come to terms with the person who had filed a criminal complaint against me and now they are willing to compromise with me. How can the FIR aga…

Read More

When and where can I apply for anticipatory bail?

When and where can I apply for an anticipatory bail in case someone has filed criminal complaint against me and Police may have registered an FIR?…

Read More