Using your phone's internet browser
go to:
Click and drag this link to
the Home icon in your browser.

I am a B.COM student. I need a more notes on following points.
1) Assessment year & Previous year
2) Expenses dissaloowed from Business income
3) Recent amendment made in rules.
4) Effect from recent amendment in MVAT act & rules

Tags: expenses, rules, student
Asked by Acwin, 23 Nov '07 07:46 pm
  Invite a friend  |  
  Save  |  
 Earn 10 points for answering
Answer this question  Earn 10 points for answering    
4000 characters remaining  
Keep me signed inNew User? Sign up

Answers (1)


What you want, is not possible here to Ans in detail.
Ass Yr & Prvs Yr are the Terms, used in the Income Tax Act. Prvs Yr means for the Yr, which the Particular relates & Ass Yr is run in 1 Yr advance, i.e. in which the Return is to be filed. (For the Return of the Financial Yr 2006-07, Previous Yr is 2006-07 & the Ass Yr is 2007-08).
As per the IT Act/Rules, Some Exp are not allowed or partly disallowed, while calculating the Business Income as per the IT Act. i.e. Cash Payment over Rs. 20,000, Transaction in Loan/Deposit, Personal Nature, Capital Nature, etc. etc. Detail of the same are not possible here.
Your Q3 is not clear, i.e. in which rules?
Sorry for your Q4, As I am outsider of this state, hence don't want to mention, perhaps there may be some misguidance etc. (VAT Matters are subject of State, hence Rules may be very from State to state.
Answered by RST JAIN, 23 Nov '07 07:56 pm

Report abuse
Not Useful
Your vote on this answer has already been received

Ask a Question

Get answers from the community

600 characters remaining